What is Trust Administration?
When you're a trustee and a loved one passes away, the last thing on your mind may be administering their trust. Trustees don't have to get started right away, however. Allow yourself a month or so to recover from your loss before diving into your duties as a trustee. It's better not to wait too long though - as the trustee, it is your legal responsibility to act in the best interest of the beneficiaries.
As the Law Office of Kristine M Borgia, we help trustees administer their loved one's estates. While it is not required that trustees hire an attorney for the administration of their trust in Riverside, Los Angeles, Orange County, and San Bernardino it is often the case that a few thousand dollars in attorney's fees will save you a great deal of frustration, time, and money in the administration of your trust. An experienced attorney will have performed multiple Trust Administrations and should be highly familiar with your county's court system and way of doing things.
We Get REsults
I have helped individuals with various backgrounds, ranging from judges to blue-collar workers.
If You Have Just Become The Successor Trustee Of A Trust, You Should:
Understand your fiduciary duties.
This is described in more detail below, but briefly – you work for the beneficiaries and must put their interests above your own. You should answer their questions and provide them with information
Be prepared to account for every penny.
Even if the trust says you do not need to account to the beneficiaries, you will probably have to prepare an accounting if a beneficiary asks for one. This means you should never pay in cash, should keep a journal of every debit and credit, and should save every receipt.
Don’t do it yourself.
Even if the trust says you do not need to account to the beneficiaries, you will probably have to prepare an accounting if a beneficiary asks for one. This means you should never pay in cash, should keep a journal of every debit and credit, and should save every receipt.We can help you hold the trustee accountable, or even seek the appointment of a new trustee.
How To Administer A Trust In California?
Managing a Trust estate with numerous assets and beneficiaries can be overwhelming. As a Trustee you have a fiduciary duty to administer the estate properly and timely. While many trust administrations can be straight forward, they often can involve separate counsel and separate interests for trustees and beneficiaries. At The Law Office Of Kristine M Borgia, we have found that the best way to avoid disputes is to keep everyone fully informed. Our aim is to keep your trust administration costs to a minimum and one way to do that is to keep you out of Probate Court.
Rather than wait until you’ve reached a tricky situation, it makes sense to have an ongoing relationship with the experienced trust administration attorney at The Law Office Of Kristine M Borgia.