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Executing a Trust can be one of the most important estate planning decisions any person or family can make. Funding a Trust changes ownership of assets in ways that allow for ease of management and transfer upon the passing of the person(s) involved in the Trust.
Walnut Creek Trust Administration Law Firm Talbot Law Group has been helping families and trustees carry out their fiduciary duties in a way that ensures everything is taken care of correctly and with minimal stress.
When a trust is established, it must be overseen by an administrator, called the trustee. Generally the initial trustee of a trust and the person who established the trust are one and the same while that. Once the person who established the trust (called the grantor or trustor) passes away or becomes incapacitated, a successor trustee must administer the trust. If the grantor is still alive, the successor trustee must manage the assets in the grantor’s best interest. Once the grantor has died, however, the successor trustee must manage the assets in the best interest of the beneficiaries.
The duty of the trustee is to manage the real property, funds (cash or investments), insurance, and other assets contained in the trust. The trustee is also responsible for managing the distribution of assets as directed by the trust.
A trustee must act in good faith and follow the terms of the trust, in addition to the California law that governs trust administration. The administration of a well drafted (and well managed) trust can often be a seamless process for he successor trustee. However, when trusts are drafted without careful attention to detail, or the trust assets are not properly accounted for, the administration process becomes increasingly cumbersome for the successor trustee.
Talbot Law Group is known throughout the Bay Area for the expertise in complex trust administrations. Our attorneys also work closely with trustees, fiduciaries, and other professionals to ensure that the process is as cost effective and efficient as possible.
When you’re a trustee and a loved one passes away, the last thing on your mind may be administering their trust. Trustees don’t have to get started right away, however. Allow a month or so to recover from your loss before diving into your duties as a trustee. It’s better not to wait too long though – as the trustee, it is your legal responsibility to act in the best interest of the beneficiaries. This means adhering closely to the terms of the trust – and the California probate code.
While it is not required that trustees hire an attorney for the administration of their trust in California, it is often the case that a few thousand dollars in attorney’s fees saves trustees a great deal of frustration, time, and money in the administration of a trust. And perhaps even more importantly, a stellar trust attorney ensures that the trustee is legally protected.
You won’t necessarily need to choose an attorney before getting started on the trust administration. The first few steps of a trust administration in California are mostly about gathering information. When it comes to making prudent investment decisions on behalf of the beneficiaries, filing trust tax returns, funding sub-trusts, or transferring real property, an attorney can assist you in properly – and legally, administering your trust.
If a trust incurs losses due to mistakes or omissions, the trustee can be held personally liable. California Probate code (the law which governs trusts) spells out in detail the steps that must be taken by a trustee. Ensuring that all their responsibilities are upheld puts trustees in the best position to avoid potential lawsuits by beneficiaries. When it comes to having an attorney do your estate plan or administer your trust, remember – it’s always less expensive to prevent future problems than fix past mistakes.
For more details on Trust Administration, check out our article 10 Steps to Administering a Trust in California
Exploring our Trust Administration Services? Take a moment to complete our Trust Administration Questionnaire before scheduling an appointment. Reach out to us by using the contact information below.
Estate Planning and Probate Firm Talbot Law Group assists clients with their estate plans across California, including Contra Costa County, Alameda County, San Francisco County, Napa County, Marin County, Sonoma County, Santa Clara County, San Mateo County, and Los Angeles County.
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