Trust administration is the process by which a person, known as a trustee, acts as an independent third party to manage assets that have been transferred into the trust. The trustee has responsibilities such as collecting, overseeing, and protecting the trust property; making investments on behalf of the trust; and distributing funds to beneficiaries in accordance with trust instructions. In California, complex laws pertaining to trusts often require the knowledge and guidance of a qualified attorney. Failure to follow these laws could result in disputes or lawsuits. Additionally, trust administration may involve navigating tax implications, helping beneficiaries exercise their rights under the trust document, or dealing with creditors or other financial institutions.
At The Law Office of Donna Bachoura, we have been assisting individuals in trust administration and related matters for many years. This is a process that is best done with the knowledge of an attorney who can ensure that it is managed properly and that you are legally protected while performing your duties. We can provide you with a wealth of knowledge in the management or administration of any type of trust. We also represent trust beneficiaries in any issues or disputes that may arise throughout all phases of trust administration.
Trust Administration Overview
Trust administration is the management and oversight of a trust or estate. It consists of managing and protecting assets, such as real estate, investments, and other assets, for the benefit of a beneficiary or beneficiaries. The trust administrator is responsible for managing all aspects of the trust, including making sure that bills are paid, taxes are filed on time, and assets are distributed according to the provisions of the trust agreement.
It is important to have legal assistance when it comes to establishing trusts, administering them, and transitioning them from one generation to another. Our qualified attorney can ensure that all legal requirements are met for the trust to be valid in California.
The types of trusts one might have to administer in California can include but are not limited to:
- Revocable living trusts: This type of trust allows you to manage your property while you are alive and direct how it should be distributed when you pass away.
- Irrevocable trusts: These trusts cannot be modified or revoked once they have been established.
- Special needs trusts: These trusts provide financial benefits or services such as medical care for a beneficiary who has special needs.
- Charitable trusts: A charitable trust provides funds to organizations dedicated to charitable causes or activities.
- Spendthrift trusts: These are designed so that funds within the trust cannot be used by someone other than the intended beneficiary(ies).
The proper administration of a trust protects you as a successor trustee as well as protects the assets held within it from possible civil liability. Moreover, the process informs trust beneficiaries about the status, distribution, and accounting of its assets. Our firm can assist with all the many activities and duties within trust administration.
"I found Donna when I was looking for help with my family's estate planning. Working with her was a step by step process. They were professional and courteous! After a few meetings, we completed the required paperwork."JP
"When I first met Donna she was so welcoming and kind. When we began looking over documents she took her time to explain things to me and made sure I understood everything we discussed. With her help, I was able to organize and prepare the proper documents "Katrina
"She did my trust and both my parent’s trusts and was not only super knowledgeable and efficient, but also very easy to work with. She greets you with her friendly smile and makes you feel right at home."Staci M.
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