Trust Administration

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.

What is a trust?

The term trust often refers to a legal document instructing a trustee how 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 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 my 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 protections to the child she could could not give herself.

Certain revocable living trusts might require assets 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 administers a 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 as well as distributing them or their residuals or dividends to the trust beneficiaries. Some financial institutions provide a department that specializes in trust administration services. Individual professional, called California licensed private fiduciaries, can also be named.

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Trust Administration

After the settlor’s passing, the 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. 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.

We have decades of legal experience and can help the trustee to operate the trust safely and efficiently. Contact Keyes Law Group, PC to discuss trust administration.

Find a Mountain View Trust Administration Lawyer

Contact Keyes Law Group, PC when you need a trust administration attorney Milpitas can trust. Our offices provide trust administration in Palo Alto, CA, and the surrounding areas.

CLIENT TESTIMONIALS

“Elijah was very helpful with editing our family trust after my wife passed away. He answered all my question in a timely manner and if he did not know the answer he found out quickly. He would take time out of day to reassure me that he had everything under control. He took his time to explain why he worded the trust the way he did and that I understood what it meant. Will use him again when the trust needs to updated.”

“My elderly mother and I recently had the opportunity to consult with Mr. Keyes regarding her estate planning and Living Trust. As has been our experience on prior visits with Mr. Keyes, his warm and friendly demeanor quickly set my mother’s mind at ease. Mr. Keyes demonstrates great empathy and care in his work. He explains things clearly and articulately, and addressed our each and every concern, as well as educated us on a number of issues that hadn’t even occurred to us. His thorough and careful explanations were very much appreciated. We cannot speak highly enough of Mr. Keyes, and would certainly be happy to recommend him with the highest regard. Thank you Mr. Keyes!”

“We were referred to Elijah Keyes for a settlement issue as we are out of state. From the beginning, Elijah explained everything so clearly and patiently. He listened to exactly what our concerns and thoughts were while articulately communicating the agreed upon plan of action. Given our location, we did everything over the phone and the end result was beyond any of our expectations. We would highly recommend Elijah and look forward to working with him again.”

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“Elijah Keyes was the consummate professional. I could not be more happy with his law firm. He handled a very difficult family situation with tact and kindness and provided a very good outcome. I highly recommend this attorney and his law firm.”

“Elijah Keys is an excellent attorney. He is very knowledgeable about Probate Law and Estate Planning. He takes the time to thoroughly explain details in an easy to understand manner. I highly recommend him, you will be in very good hands.”

Mr. Keyes is very personable

Excellent service, clear expectations, good advise and very professional. Thank you Mr. Keyes!

Service was excellent! Knowledgeable and Experienced Attorney

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