What is Trust Administration?
When a loved one passes away, and you're a trustee, running their trust may be the last thing on your mind. Trustees, on the other hand, are not required to begin immediately. Allow yourself a month to recover from your loss before starting your trustee responsibilities. It's preferable not to wait too long, though, because it's your legal job as the trustee to act in the beneficiaries best interests.
The Law Office of Kristine M Borgia assists trustees in administering the estates of their loved ones. While hiring an attorney for the administration of your trust is not needed in Riverside, Los Angeles, Orange County, or San Bernardino, it is frequently the case that a few thousand dollars in attorney's fees will save you a tremendous deal of stress, time, and money.
A competent trust administration attorney will have handled numerous Trust Administrations and should be well familiar with your area's court system and procedures.
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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 for 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 for 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.
In California, how do you administer a trust?
It might not be easy to manage a Trust estate with many assets and beneficiaries. As a Trustee, you have a fiduciary responsibility to timely and adequately administer the estate. While many trust administrations are simple, they frequently include distinct counsel and interests for the trustees and beneficiaries. We have discovered that keeping everyone informed is the best approach to avoid problems at The Law Office Of Kristine M Borgia. Our goal is to keep your trust administration fees low, and one way we can do so is by keeping you out of Probate Court.
It's better to establish contact with The Law Offices Of Kristine M Borgia's experienced trust administration attorney than to wait until you're in a difficult circumstance.