Administering High-Equity Assets in Oak Knoll & Madison Heights
Pasadena contains some of the most valuable residential real estate in Southern California. Whether you are managing a historic Craftsman in Bungalow Heaven or an estate in San Rafael Heights, the fiduciary stakes are incredibly high. The role of a successor trustee is not merely administrative; it is a legal duty to protect and manage assets for the benefit of the heirs.
As your Pasadena trust administration lawyer, we assist with the valuation of complex assets, including antiques, fine art, and high-equity property. We ensure that your mandatory Trustee Accounting is bulletproof, preventing disputes among family members that could otherwise lead to expensive litigation in the LA County Probate Court.
Stanley Mosk Courthouse: The Central Hub for Pasadena Legal Matters
While the goal of trust administration is to remain out of court, there are times when judicial intervention is required. If an asset—such as a Pasadena family home—was accidentally left out of the trust, we can file a Heggstad Petition (Probate Code § 850). For all Pasadena residents, these matters are centralized at the Stanley Mosk Courthouse (111 N. Hill St, Los Angeles). We handle all electronic filings and court appearances, saving you the stress of navigating the central probate division alone.
Protecting the Family Home: Proposition 19 Defense
Pasadena properties have often been held for decades, resulting in an extremely low tax base. Under California Proposition 19, if a successor trustee fails to file the correct exemption paperwork within one year of the settlor's death, the heirs could face a property tax increase of $20,000 or more per year. We work closely with Pasadena families to ensure that the primary residence transfer is handled correctly to maximize tax savings.
Critical Deadlines for Pasadena Successor Trustees
| Action | Legal Deadline | Authority |
|---|---|---|
| Notice to Heirs (16061.7) | 60 Days from Death | Probate Code |
| Notice to Medi-Cal (DHCS) | 90 Days from Death | Dept. Health Services |
| Notice of Death to Assessor | 150 Days from Death | LA County Assessor |
| Inventory & Appraisals | Ongoing (ASAP) | Fiduciary Duty |
| Prop 19 Exclusion Filing | 1 Year from Death | LA County Assessor |
Avoiding Personal Liability & Surcharges
Successor trustees are held to the "Prudent Investor" standard. If you make unauthorized investments, fail to pay valid taxes, or mismanage the trust administration process, you can be held personally liable. Beneficiaries have the right to petition the court to "surcharge" a trustee for mismanagement. Our firm provides the legal oversight needed to protect your personal assets while you fulfill your role.
Complete Pasadena Trust Administration Services
- 16061.7 Notice Preparation - Proper service to all beneficiaries
- Historic Property Appraisals - Specialized valuations
- Step-Up in Basis Documentation - Date of death values
- Stanley Mosk Court Filings - Heggstad, accountings, disputes
- Prop 19 Defense - LA County Assessor coordination
- Trust Tax Returns - Form 1041 and final 1040
- Formal Accountings - Protect against surcharge claims
- Asset Distribution - Final transfer to beneficiaries
