Long Beach Trust Administration Attorney
After a person who has created a living trust dies, a fiduciary duty arises for his or her successor trustee to properly administer the trust. This fiduciary duty is the highest and strictest duty of care recognized in the law of the State of California. The named fiduciary often isn’t a professional. He or she might be an adult child, a close family friend or a relative. Although the administration of a trust has certain advantages over administering over a will, it’s still a tedious endeavor from the start. The advantages are:
Management of trust assets
- Likelihood of expedited distribution of property to named beneficiaries
- Significantly increased confidentiality without the necessity of probate
- Cost efficiency in distribution of assets
All assets in the trust must be brought under the control of the successor trustee. This is known as the process of marshalling assets. Assets in the trust should be secured by the successor trustee as soon as possible. They must then be inventoried, and present day fair market values on certain items might need to be established. Other duties of the successor trustee will include but not necessarily be limited to:
- Maintaining appropriate bank and tax records
- Payment of all of the decedent’s just and lawful debts
- Preparation of any final tax returns and payment of taxes
- Responsible management the trust assets
- Distribution of trust assets pursuant to the trust’s terms
Fulfilling these and other important duties involving the administration of a trust is critical to effective distribution of a trust. Although administration might seem rather simple, it’s a highly complex endeavor that should be placed in the hands of experienced trust administration attorneys.
Even your best intentions can be misinterpreted
The California Elder Law Center PC is the premier elder law firm in southern California. After consulting with us, we’ll isolate any issues with the trust and formulate a plan to meet and overcome the legal obstacles that successor trustees encounter. When you retain experienced legal counsel to assist you in your administration of a trust, you’re being responsible, prudent and in observance of your fiduciary duties. Even with the best of intentions though, you don’t want to be placed in a position where somebody might seek to hold you personally responsible should a will, trust or distribution thereof become contested. You might even innocently place yourself in a position could look as if you have a conflict of interest. Consult with us first at the California Elder Law Center PC before you do anything.
Our law firm is highly experienced in all aspects of trust administration. We’re able to guide you so that you can faithfully and legally discharge each and every fiduciary duty that you have. Hire us, and we’ll be with you from your initial consultation until all trust assets are distributed, and the trust is closed. We’ll make sure that all steps that you take during your office as successor trustee operate to protect you while you carry out the decedent’s express wishes.
You’re likely to quickly find out that you’re in over your head when you learn how complicated trust administration gets. Retain the experienced trust administrators at the California Elder Law Center PC to help you work through your fiduciary duties and responsibilities. We’ll work through it all with you from start to finish.
Contact Long Beach Trust Administration Lawyers at the California Elder Law Center PC
As California’s Leading Elder Law Firm, the Elder Law Center has the necessary knowledge and experience to help seniors and their families develop the proper Life Care Plan for the elderly loved one’s unique care needs. Whether you are planning for your own future or need assistance in caring for a loved one, the California Elder Law Center PC is ready to help. Schedule a free consultation with one of the attorneys by calling 562-377-7710 or toll free 877-377-7411, or by simply contacting us online.