Trust Administration

Trust Administration

Trust Administration Attorney in San Diego, California

If you have been named a trustee, the question you probably have in mind is: “How do I administer a trust?” Trustees are typically children, while the closest, most trusted relatives of the decedents are named as successors in a revocable living trust. 

What do you need to Consider when selecting a trustee?

In this video, Attorney Vincent Casiano answers the questions “What is a Trust?” and “How are Trusts administered in California?”. Click the video below to learn more!

Why do I need a San Diego trust administration attorney?

Being named as a successor and a trustee can be quite daunting especially for children. 

 

These children, regardless of age, are still processing their grief and to have this kind of responsibility on their shoulders can be overwhelming. 

Though the children mean well, they lack the proper knowledge to do what is required of them as trustees. 

The thought of being a state’s trustee sounds like a pretty big deal and upon knowing the tasks and responsibilities, you’ll soon find that it’s a large responsibility that needs proper thought and understanding. 

Trustee duties are no joking matter. These duties require time, effort, and commitment. It also requires comprehension of laws that most are not fully aware of. Ignorance of legal terms can result in a trustee being held liable. 

This is where the services of an experienced trust administration attorney comes in. Not having competent legal guidance by your side can result in a failure to meet your responsibilities. Even a lawsuit may be filed against you for breach of fiduciary duties

Trust administration can be overwhelming and complicated, which is why it is advisable for you to have a San Diego estate litigation attorney by your side. Attorney Vincent Casiano, founder of Casiano Law Firm, will explain all the laws previously unknown to you so that you can better understand your duties as a trustee. 

What is Trust Administration?

Trust administration refers to a trustee’s task of managing trust property for the benefit of beneficiaries in accordance with what is stated on the trust document. The process begins with a mandatory notification to be sent to the heirs and beneficiaries of the trust. 

The trust administration process is lengthy and complicated, however it is less expensive and faster than probate. 

In the event of real estate property being owned by the trust, a certified copy of the death certificate along with an affidavit is required. 

Except for property tax reassessment, the appropriate exemption form must be accomplished in case of a property transfer from parents to children. 

What Happens in Trust Administration?

The first step in trust administration is a call for division of the trust or allocation into sub-trusts for beneficiaries. These sub-trusts have their own tax identification number which requires setting up. 

The trust most likely needs to pay for funeral and terminal illness expenses along with attorney and CPA fees. It is advisable for the trustee to set up an administrative bank account for tracking expenses. 

Trust administration can be confusing and overwhelming. Trusts need to be followed to the dot and a failure to do so can have dire consequences. 

To avoid complications, enlist the help of a San Diego trust administration attorney to help you with the ins and outs of trust administration so that you can carry out your duties accordingly.

What are the Duties Involved in Trust Administration?

Trusts have plenty of advantages over a traditional will, thus making it the route most individuals take as opposed to wills or probate. 

Trusts work by appointing a trustee in your nameThe trustee will carry out and manage your assets to benefit your heirs. The whole process can seem simple on paper but the task requires plenty of effort. One needs to be familiar with what a trust administrator’s duties are. 

The trust administrator eventually takes control of the estate once the settlor becomes incapacitated or dies. Among their duties include:

  • Gathering and taking control of assets
  • Implementing business succession plans
  • Settling debts
  • Paying taxes
  • Managing accounts
  • Identifying and notifying beneficiaries.

 

Asset distribution is also a trust administrator’s duty and it must be done exactly the way it is stated in the trust. 

Provisions of accounting to beneficiaries along with maintenance of clear records of the trust administration are duties done by the trust administrator. Some trust administrators may be subjected to long-term responsibilities over the estate, that can be overwhelming. 

It is advisable to consult with a trust administration attorney when faced with trust administration duties. A trust administration attorney can walk you through the process, advise you on the next best step, and make sure you fulfill all that is expected of you as a trust administrator.

What Happens If I Don’t Fulfill My Duties?

If you fail to undertake your duties as trust administrator, you could be sued for breach of fiduciary duty. If this sounds heavy, let’s unpack it bit by bit. 

Fiduciary duty is defined as a person or entity placing trust or reliance on another individual to act on their behalf. It is also described as a relationship between two parties wherein one acts in the interest of the other. 

A breach of fiduciary duty is when the designated individual fails to fulfill their responsibilities on behalf of the client. Consequences for breach of fiduciary duty vary, ranging from going to court that can lead to discrediting, removal from service, or loss of license. Other times, penalties can be monetary in nature. 

It can be intimidating to think that you can be sued for breach of fiduciary duties. As such, it is important to have an understanding of trust administration tasks in order to carry out your responsibilities well. Enlist the help of a San Diego, CA trust administration attorney to help you with your designated duties.

Seek Legal Advice From a Trust Administration Attorney

Have you been appointed as a trustee? Did your loved one recently pass away and leave you with an overwhelming mountain of duties that you find hard to comprehend? Worry no more! Contact Casiano Law Firm to talk to a trust administration attorney in San Diego, CA.

Attorney Vincent Casiano can explain estate planning concepts that are quite hard to grasp and help you understand your duties as a trust administrator. Don’t go through the harrowing process alone. 

Schedule a consultation with a San Diego trust administration attorney now.

Attorney Vincent Casiano assists California residents in elder law and abuse, estate planning, probate, trust administration, Medi-Cal or Medicaid planning, long-term care planning, conservatorships, and more!

Need a Comprehensive Estate Plan & Strategic Estate Litigation Attorney?

With years of experience in Elder Law and Estate Planning, San Diego estate litigation attorney Vinny Casiano helps his clients understand the pros and cons of each strategy to make the best decision for themselves and their families. Finally, he assists his clients in carrying out whatever strategy they have decided is best for them.

Got Probate or Trust Concerns? Get Help NOW!

Whether your concern is about will or trust contests, fiduciaries, or complicated estate plans, San Diego probate and trust litigation attorney Vincent Casiano is here to help. Get high-quality and personalized legal solutions that will address your needs today!