Alameda County Trust Administration Lawyers

Helping Clients Through the Trust Administration Process

So many questions and emotions come with the death of a loved one. Family members and friends may experience grief, shock, and disputes over how to administer the estate. Thankfully, California trusts outline specific steps to follow and place the responsibility on a trustee who oversees the process.

If you are charged with administering a trust, chances are you have a long path ahead of you. Trust administration involves many steps that can be time-consuming and complicated. For example, you must gather critical legal documents, inventory the decedent’s estate, assign values to the various assets in the estate, notify beneficiaries of the trust execution, pay off creditors, satisfy tax demands, and so on.

Trust attorneys like those at Patricia Scott Law can help trustees navigate the complex trust administration process. We can also answer questions for family members and friends who are concerned about the trustee’s role during administration. If you think having a trust in your estate plan may benefit your family, we can assist you with trust creation. Call 510-984-2390 to schedule a consultation with our skilled legal team.

How Do Trusts Work?

Trusts are unique documents within an estate plan because they come in a wide range of forms. Creating a trust places ownership of the assets into the trust itself, which brings tax benefits for the grantor. Part of trust creation involves naming a trustee, who ensures the terms of the trust are carried out according to the grantor’s wishes. The trustee has a fiduciary duty to act in the family’s best interests and carry out the trust as the grantor desired.

Trusts can be highly complex legal documents requiring in-depth knowledge of California estate law. If you have been assigned as a trustee for a loved one’s estate, hiring an attorney to help you through this complicated process would be wise. A lawyer can also assist family members who are concerned about the trust administration as carried out by the current trustee. If necessary, a trust administration attorney can dispute the trustee’s actions and seek to replace them with a different trustee.

What Are the Main Steps in Administering a Trust?

Trust administration involves several steps, including:

• Gathering essential documents, including the trust, wills, an inventory of assets, death certificate, property deeds, tax returns/filings
• Meeting deadlines according to California trust laws
• Listing all assets and their values, such as bank accounts, real estate, life insurance policies, additional homes, investments, businesses, and so on
• Paying off debt owed by the decedent, which includes mortgages, medical bills, taxes, and more
• Notifying beneficiaries of the person’s death and administration of the trust
• Distributing assets according to the grantor’s wishes
• Ensuring each beneficiary is treated fairly, which can prevent disputes and legal action
• Closing the trust when all actions have been completed

As you can see, the role of the trustee is critical in ensuring everything is handled legally and fairly. Failing to execute your duties can result in bad feelings among family members, contention, and even legal action.

Reaching out to a trusted legal team is one of the best ways to minimize the burden on your shoulders and avoid significant difficulties when administering the trust. Without adequate legal help, the trust administration process can take years to complete. Don’t put yourself in such a risky situation. Call our caring, capable legal team to answer your questions about estate administration today.

What Risks Are Involved When Administering a California Trust?

With shifting tax and estate laws, it is no wonder that many people assigned as trustees seek legal help administering a loved one’s trust. A mistake during the trust administration process can lead to falling out with family members or, in worst-case scenarios, legal battles that completely drain the estate.

Some examples of potential risks involved when administering a trust include:

• Failure to accurately value each asset, especially with rapidly changing values such as stocks or real estate holdings
• Disputes over the validity of estate planning documents such as the will or trust
• Failure to pay off all creditors or taxes
• Insufficient funds to cover the decedent’s expenses and pay each beneficiary
• Improperly filing the decedent’s final tax returns
• Failing to notify financial institutions about changes in ownership and title
• Accusations of unfairly distributing trust funds, which can lead to contention among siblings and even legal action
• Being accused of failing to uphold the fiduciary duty by taking trust funds for personal use or otherwise abusing the power of a trustee

The above are just some examples of issues we’ve encountered in our decades of practicing trust administration. Please reach out to our law firm right away to schedule a consultation and learn more about how we can help you avoid some pitfalls associated with trust administration.

Should You Hire Our Trust Administration Attorneys in Alameda County?

Administering a trust while you are already mourning the loss of a loved one can seem like an enormous burden. Indeed, acting as a trustee involves multiple, complex steps that require detailed legal knowledge and experience. If your loved one left behind a trust and you have questions about how it should be carried out, you can call our law firm for support, advice, and guidance.

We have helped countless clients create and administer trusts, and we are happy to answer your questions and give you the legal counsel you need at this critical time. Our lead attorney is a trained grief counselor, and you will feel the attention to detail and emotional support from our legal team as soon as you walk into our office.

Please don’t risk your family relationships or your loved one’s estate by attempting to go it alone during trust administration. Call us at 510-984-2390 now!