Trust Administration Help in San Jose, Campbell and Surrounding Areas
San Jose trust administration can be a difficult process to manage alone. Along with that, the death of a loved one raises many legal questions. For some families, those questions revolve around issues related to the probate process. For families with complex estate plans, estates are often settled and assets distributed without probate. Using living trusts, many individuals now ensure asset distribution without relying on court-supervised probate.
Trust administration in San Jose ensures your trust instructions are carried out according to your wishes. Like probate, the trust administration process can be complex. Minimize complexity by trusting the professionals at Litherland, Kennedy & Associates, APC, Attorneys at Law. Our Campbell and San Jose trust administration team ensures everyone receives the guidance needed for a successful trust.
Contact us today for help in efficiently managing your trust administration. You can get in touch with us by using our website or by calling (408) 356-9200 in Campbell. We’re eager to hear from you and answer important questions like:
- What is trust administration?
- Why might I need legal counsel during any trust administration?
- How can a California trust administration attorney help me?
What Is Trust Administration in San Jose and Campbell?
Trust administration involves all the tasks and duties necessary for the proper management of a decedent’s trust. If your loved one created a trust, he did so by drafting a document that names a trustee, identifies beneficiaries, and provides terms that detail his instructions for how the trust is to accomplish its goals. Typically, a trust will detail who gets distributions, when they get them, and how those distributions are to occur.
Every trustee is obligated to follow any lawful instructions contained within the trust, and must take control of the trust entity once the grantor dies. He or she is charged with protecting those assets, maintaining their value, and carrying out all duties necessary for proper trust administration.
Trust Administration Process
The trust administration process involves many important tasks:
- The trustee must notify creditors and beneficiaries of the decedent’s death, similar to executors in the probate process. This notification provides creditors with an opportunity to levy claims against the estate, and gives beneficiaries notice that they have been chosen to receive an inheritance.
- The trustee has a responsibility to maintain a complete and accurate accounting of all trust income and expenditures, while maintaining the value of all assets owned by the trust.
- Where investment of assets is a necessity, the trustee must responsibly invest with an eye toward reducing risk of asset loss.
- Trusts always have expenses associated with their operations. It is the trustee’s job to pay those expenses in a timely manner, using trust assets as payment.
- Trustees must file tax returns for the trust, and make any required payments using trust assets.
- Trustees will need to transfer ownership of assets in accordance with the instructions detailed within the trust document. This can involve the transfer of deeds, titles, and other ownership documents to their new owners.
The trustee has a fiduciary duty to prioritize the beneficiaries’ interests over their own throughout the process. Other legal responsibilities may attach as well.
Trustees may need to retain professional legal counsel due to the complexity of many duties. Our attorneys can help you to navigate the process to ensure that your personal interests receive the protection you need.
Here is a Roadmap of the Trust Administration Process:
Why Might I Need Legal Counsel During Any Trust Administration?
There are several reasons why you might need legal help during trust administration. As a trustee, you have a legal duty to meet a high standard under the law. The law imposes this fiduciary duty as the highest standard. You must follow the trust terms and strictly adhere to the law. Additionally, you must uphold the highest ethical standards when managing trust assets.
In addition, the law can be complex for laypersons, and legal assistance can help you to ensure that you protect your interests. Mistakes are easy to make, and can have dire consequences when they result in harm to the trust. With a lawyer’s assistance, you can avoid the potential for mistakes and avoid the stress that this process can create.
Of course, if you’re an estate beneficiary, you can benefit from legal counsel too. Often, it can be useful to have someone to advocate for your interests and keep a watchful eye on the trust’s administration. While most trustees are faithful in their handling of estate assets, that’s not true in every case. And since there is no ongoing court supervision of trust administration, it can be helpful to have someone who can provide you with early indications that something is amiss.
How Can a San Jose and Campbell Trust Administration Attorney Help Me?
With the right San Jose Trust Administration Attorneys by your side, you can more effectively fulfill your duties as a trustee, get the guidance you need as a beneficiary, or obtain help to challenge the terms of a trust if you believe that you’ve been denied your rightful inheritance. Litherland, Kennedy & Associates, APC, Attorneys at Law can provide that assistance with trust administration services that fit your unique needs. Get the help you need today and schedule a free trust administration consultation by reaching out to us through this site or calling (408) 356-9200 in Campbell.
