(408) 443-2397San Jose Trust Administration Attorney
A California Law Firm Dedicated to Helping Clients Through Every Step of the Estate Planning Process
Establishing a trust goes a long way toward responsible estate planning. You can name a trusted friend or family member as the trustee or use a trust administration service. After your passing, the trustee takes steps to administer or follow the trust document.
Funding a trust can be a costly process, depending on the circumstances, and it is in your best interest to contact professional legal counsel when drafting trust documents. Our law firm has extensive experience in estate planning practice areas and would be proud to assist you by drafting trust documents and other estate planning documents to protect your personal property for yourself and your family’s future.
However, we cannot simply draft trusts, fund them with trust assets, and then walk away. A trust requires management and administration. Trustees have several unique duties that must be carefully followed, or they may be held liable in a court of law. For legal assistance in trust administration matters, such as distributing assets, keeping accurate records, and settling family disputes, contact our law office to speak with the attorney.
What is a California Trust Document?
The term trust often refers to a legal document instructing a trustee how to control and transfer assets to another person or entity. The most common trusts created in estate plans are revocable living trusts. The term revocable living trust refers to a changeable document created while the trust creator (settlor, grantor, or trustor) is living. The trust often directs preferences for asset management and distribution. Your trust works in conjunction with the settlor’s last will and testament.
Many people know the term’ trust fund,’ which often refers to an irrevocable trust. For example, a parent may create a dynasty trust or special needs trust for a child. The irrevocable trust is named as the beneficiary of a revocable trust or even a life insurance policy. The irrevocable trust provides legal protection to the child, which she could not give herself.
Certain revocable living trusts might require assets to be controlled for a child until reaching a certain age, typically 21, 25, or 30. Before that time, the trustee will be able to use the trust assets for the beneficiary and to pay for trust expenses.
Who is Responsible for Administering the Trust?
The trust will name an individual or organization as the trustee. This person or organization manages the money and other assets in the trust and distributes them or their residuals or dividends to the trust beneficiaries. Some financial institutions provide a department that specializes in trust administration services. Individual professionals, called California licensed private fiduciaries, can also be named.
The many responsibilities of a trustee include the following:
- Trustees have a fiduciary duty to always act in the best interest of the trust’s beneficiaries
- Must maintain separate checking accounts and investments
- Trustees cannot combine trust assets with your personal property
- The trustee must wisely invest trust assets and cannot be found to be making risky investments
- Trustees cannot engage in any potential conflict of interest
- Double-dealing is not allowed, and the trustee cannot use trust assets for their own personal benefit
- Trustees are responsible for keeping accurate records, filing estate tax returns, and reporting to beneficiaries in a timely manner according to the language of the trust document
Because trustees have many complex duties and responsibilities, we strongly advise them to seek professional legal counsel from estate planning attorneys. Please contact our law firm for legal assistance.
What is Trust Administration?
After the settlor’s death, the trustee (or successor trustee) follows the instructions in the trust document and California law to operate or administer the trust. Being a trustee is not easy and can be a thankless job with many heavy responsibilities. The trustee must act for the benefit of the trust beneficiaries while following strict timelines and controls required by law. Beneficiaries may not be aware of the limits under which the trustee operates.
The duties and responsibilities of trustees or successor trustees vary depending on the trust document and on whether the trust’s creator is alive or dead. In many situations, the responsibilities become too much to handle, and trustees reach out to professional legal representatives for assistance in handling a loved one’s estate. There is no shame in seeking legal help for these complex estate plan matters.
Our firm’s attorney can help you navigate the complex legal processes involved in trust administration, including trust litigation, probate court, and more. We have decades of legal experience and can help the trustee operate the trust safely and efficiently. Contact Keyes Law Group, PC, to discuss trust administration.
What Are Common Causes for Trust Litigation?
While trusts have several benefits, including avoiding probate and minimizing taxes, the documents can be complicated, and there are many rules and regulations to follow. Sometimes, issues arise and give way to lawsuits or family conflicts, which may need to be resolved in courtroom cases.
Common causes of trust litigation in CA include the following:
- The language of the estate planning document is vague and open to interpretation, leading to confusion and conflict
- Changes were made to the estate plan shortly before death, potentially even in secret, that benefit one beneficiary over the other
- The validity of the trust is in question due to accusations of undue influence, forgery, fraud, exploitation, or drafting the trust under duress
- Trust assets have been misappropriated by the trustee, caregiver, or beneficiaries
- The trustee mishandles the trust or does not comply with the terms of the document in a breach of their fiduciary duty
If you are contending with a trust litigation matter, please contact our San Jose law firm for legal support.
What Legal Services Does an Estate Planning Attorney Provide in the Practice Area of Trust Administration?
Our legal services include, but are not exclusive to, the following:
- Drafting wills, trusts, and other estate plan documents according to your wishes
- Representation in probate court, including in instances of estate litigation
- Providing notices to designated beneficiaries and any potential creditors who may have claims against the estate
- Communicating with third parties, including financial institutions, medical facilities, and appraisers
- Legal guidance for the trustee in the role of trust administrator
- Distributing assets to beneficiaries according to the language of the trust documents
- Representing beneficiaries or trustees in trust litigation cases
- Keeping beneficiaries informed with proper accounting
- Assistance with filing of tax returns and collecting benefits
- Paying necessary bills on behalf of the estate and performing final accounting
- Exploring legal strategies to minimize estate taxes and increase the value of trust assets
- And more
Contact Our Law Office for a Consultation with an Experienced San Jose Trust Administration Lawyer
Whether you are the trustee, successor trustee, beneficiary, or creator of the trust, our legal team stands ready to provide compassionate legal support to help you through the entire process.
Our California law firm proudly serves the community in all areas of estate planning. If you have any questions or concerns about trust administration or other estate planning matters, please do not hesitate to contact our legal team.
We offer in-depth case evaluations to prospective new clients interested in retaining our legal services. To schedule your no-obligation case evaluation, please contact us at 408-443-2397.