Trust Administration
A trustee has taken on a tremendous responsibility. He or she is responsible to the beneficiaries of the trust, and to the decedent who established the trust. They are responsible to administer the trust and its assets in accordance with the terms of the trust and the provisions of the California Probate Code relating to fiduciary obligations. If a trustee does not have competent legal counsel, they may find themselves personally liable, even if their intentions are good.
While probate proceedings are often costly and time consuming, there is a high degree of safety due to transparency and oversight by the court, which must approve all disbursements. There is no such mandatory oversight in the speedier and usually less expensive trust administration process. Yet, the fiduciary duties of the trustee are just as stringent as those of an executor in a probate matter. With this in mind, it is imperative that you have counsel you trust to help you navigate the many obligations of the trustee in a trust administration.
All trust administration counseling requires extensive knowledge of the law in an area where the law keeps changing. We have the experience and knowledge to assist you, as trustee, in the administration of your or a loved one's trust.
Trusts are not only legal entities; they may also be taxable entities, and in fact may receive their own tax ID number. The decisions you make as trustee can have substantial legal and tax consequences. As your lawyers, we will advise you regarding these responsibilities and work with your certified public accountant so that you will avoid liability, and carry out your duties competently.
Whether you are the settlor or a successor trustee, you will want to have knowledgeable and experienced legal counsel to help you as you administer a trust.
While probate proceedings are often costly and time consuming, there is a high degree of safety due to transparency and oversight by the court, which must approve all disbursements. There is no such mandatory oversight in the speedier and usually less expensive trust administration process. Yet, the fiduciary duties of the trustee are just as stringent as those of an executor in a probate matter. With this in mind, it is imperative that you have counsel you trust to help you navigate the many obligations of the trustee in a trust administration.
All trust administration counseling requires extensive knowledge of the law in an area where the law keeps changing. We have the experience and knowledge to assist you, as trustee, in the administration of your or a loved one's trust.
Trusts are not only legal entities; they may also be taxable entities, and in fact may receive their own tax ID number. The decisions you make as trustee can have substantial legal and tax consequences. As your lawyers, we will advise you regarding these responsibilities and work with your certified public accountant so that you will avoid liability, and carry out your duties competently.
Whether you are the settlor or a successor trustee, you will want to have knowledgeable and experienced legal counsel to help you as you administer a trust.