Burbank Estate Planning Attorney
Burbank Trust Administration Attorney
“Failing to plan is planning to FAIL.” - Ben Franklin
Trust Administration - Trustee Responsibilities...
"A Trustee has many 'Fiduciary Responsibilities' and must understand how to properly manage the estate of a loved one. When assigned the task of administering and/or closing an estate, it is always best to consult with an experienced Trust Administration Attorney to ensure you are protecting the estate and moreover yourself."
LA Law Estate Planning / Elder Law Litigation Attorney and staff specialize in helping out of state beneficiaries or families members that have elderly loved ones or trust related issues in the Southern California area.
LA Law Trust Administration Attorney and staff can help a Trustee (the person who will manage the assets until the final distribution to the beneficiaries) walk through the process of managing the trust and dealing with the beneficiaries, as well as all other legal matters involved in closing an estate. Our Trust Administration Lawyers, paralegals and accounting staff are ready to support your responsibilities on whatever level you feel you need in this complicated legal process.
You Are Now a Trustee...What Does This Mean
The following is a brief overview of what is involved in being a trustee.
After the death or incapacity of the Trustor (the person who created his/her trust), certain steps must be taken to comply with state law, to preserve the federal estate tax exclusion amount, and to manage and to change title to assets. This process is called TRUST ADMINISTRATION. The complexity of each Trust Administration will vary depending on the number and types of assets, their assessed value, and to what extent the trust has tax planning provisions.
Do You Need an Estate Planning Litigation
Attorney to Represent You?
If there are beneficiaries or other people that want to contest you as the trustee or your decisions regarding the estate, you may need to protect yourself and get the legal advice of an Estate Planning Litigation Lawyer that has experience in dealing with wills, trusts and estate disagreements. It is always advised not to get too far into a family dispute without proper legal representation.
Please click the below link for more information on related LA Law services:
What is HIPAA?
Estate Planning & Elder Law Litigation
In-House Fiduciary Accounting Services
Family Disagreements Over Competency of an Elder
Pet Trusts - Taking Care of Non-Human Loved Ones
The Trust Administration and Trustee Overview:
State law also requires that the decedent's Will shall be filed with the Superior Court in the county in which the decedent was living.
A notice that the death has occurred must be sent to the County Assessor of each county where the decedent owned real property.
Major assets must be appraised and an Inventory must be prepared to determine the net worth of the decedent for federal estate tax purposes.
If the total estate value of the decedent is at more than $3.5 million (if death occurred 2009) a federal estate tax return must be filed. Currently there is no estate tax for 2010, however, there is a rumor floating around that President Obama's administration may carry the $3.5 million estate rules into next year.
In any case, income tax returns also must be filed for the estate and for the decedent.
If the trust becomes all or partially irrevocable as a result of the death, the trust beneficiaries decedent's heirs and must be notified of this fact and given an opportunity to review copies of the trust. All of this requires a lot of responsibility and work for the Trustee to ensure the decedent's affairs are properly managed.
Below are links for more information regarding Trust Administration
Estate Planning & Elder Law Litigation
We are proud to be a part of the complete solution to your family's crisis, not just the lawyers that create the legal documents. We understand the issues surrounding the care of aging loved ones and what it takes legally to meet your needs and goals, while giving your family the peace of mind that your loved ones are getting the best care possible in a complex and confusing situation.
** LA LAW Center offers a free one hour class called “The Role of a Trustee in Trust Administration”. This informative class gives the Trustee and Trustor an overview of the Trustee’s responsibilities.
**We also offer our expertise to support the Trustee in legal services to assist with this process. Please call us for more information or a free 30 minute consultation.
After a thorough review of the best strategies and most cost effective process for your Trust Administration and our legal fees for the scope of work, we will structure a comprehensive plan to help you through this complex legal process created specifically to for your situation.
Our Law Office is located in Southern California; however, we serve many clients throughout the state and love an occasional road trip to help all of our clients, their family and friends.
Take advantage of a free phone consultation or appointment for a free 30 minute consultation to review your individual situation and determine if you would benefit from our experience and legal services.
Call us at: (818) 241-4238