We Help You Deal With The Complexity Of Trust Administration
Trust administration can be straightforward or extremely complex. It largely depends on the makeup of the trust and the complexity of the instructions. Our attorneys at R.S.C. Law Group, Inc., can help you with this process, ensuring you properly complete all the legal steps in compliance with the laws of California and with the terms of the trust.
We also know how these trusts should be created and can help when something goes wrong. Trusts are very flexible legal instruments, but they are also technical and all elements, from drafting to funding, must be done correctly, or protections a trust provides may be lost.
The Process Of Trust Administration
Administering a trust is a significant responsibility. As trustee, you have a fiduciary duty and a legal obligation to take great care in handling the administration. Working with our attorneys can help you meet those obligations in an efficient and cost-effective manner.
During the trust administration, the trustee must:
- Provide notice to the beneficiaries
- Inventory trust assets, including appraisals of some assets
- Transfer real property, bank accounts and investments
- Pay debts and bills
- Pay trust’s income taxes
- Pay estate taxes, if necessary
- Provide notice to the California Department of Health Care Services, if necessary
- Keep detailed accounting records of trust
- Distribute trust assets to beneficiaries
Additionally, this process can seem overwhelming, especially if you are not familiar with dealing with courts and handling complex financial records. It can also become more difficult by family history and the relationships of the children and other heirs. We can help to relieve much of the stress and prevent mistakes or misunderstandings from developing.
Our Lawyers Are Here To Answer Your Questions
Please call our Monterey office at 831-275-0987 to make an appointment for a free initial consultation to discuss your trust administration needs with our lawyer.