A trust is an essential estate planning tool used to manage and distribute assets. If you suspect that a trust exists but don’t know how to locate it, or if you have recently discovered a trust and are unsure what to do next, this guide will help you navigate the process.
How to Find Out if a Trust Exists
1. Check Personal and Financial Records
Review personal documents, including wills, financial statements, and tax returns.
Look for trust agreements, bank accounts in the name of a trust, or records of property ownership held in trust.
2. Contact the Executor or Attorney
If a will exists, it may reference a trust. Contact the executor or estate attorney to inquire about a trust’s existence.
The attorney who drafted the estate plan may have records of a trust’s creation.
3. Search County Recorder and Probate Court Records
If real estate is owned by a trust, a deed may be recorded with the county.
In some cases, probate filings reference the existence of a trust.
4. Check with Financial Institutions
Banks, investment firms, and insurance companies may have records of accounts or policies linked to a trust.
5. Speak with Family Members
Relatives, especially those involved in estate matters, may have information about the trust’s existence.
6. Hire an Estate Attorney
If you cannot locate the trust document but believe one exists, an estate attorney can conduct further searches and guide you on legal steps.
What to Do If You Find the Trust
1. Review the Trust Document
Determine the type of trust (revocable or irrevocable) and its provisions.
Identify the trustee and beneficiaries.
2. Contact the Trustee
The trustee is responsible for managing and distributing trust assets.
If you are a beneficiary, the trustee must provide relevant trust information upon request.
3. Inventory the Trust Assets
Gather information on assets held in the trust, including real estate, bank accounts, and investments.
4. Follow Trust Administration Procedures
If the trustor (creator of the trust) has passed away, the trustee must follow the instructions outlined in the trust document.
This may involve asset distribution, tax filings, and ongoing trust management.
5. Seek Legal and Financial Advice
If the trust is complex or involves significant assets, consult an estate attorney and financial advisor.
Ensure compliance with California estate laws and tax obligations.
What If You Suspect Mishandling of the Trust?
If a trustee is not fulfilling their duties, beneficiaries have the right to request an accounting of trust assets.
Legal action may be necessary if there are concerns of mismanagement, fraud, or breach of fiduciary duty.
Consulting a probate attorney can help protect your rights and ensure the trust is administered properly.
Final Thoughts
Finding and handling a trust requires careful attention to legal and financial details. Whether you are a beneficiary, trustee, or simply seeking information, knowing the steps to locate and manage a trust will help ensure the assets are distributed according to the trustor’s wishes. If you need assistance, consulting an estate planning attorney is always a wise decision to ensure a smooth trust administration process.
Contact the top-rated California trust and probate attorneys Moravec, Varga & Mooney today to schedule a telephonic consultation. Have questions, call (626) 460-1763 or email LV@MoravecsLaw.com.
Southern California Probate Lawyer Serving all counties in California, including Los Angeles, Riverside, San Bernardino, Sacramento, Santa Cruz & Beyond.
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