TRUST ADMINISTRATION

Trust formation

Are you currently in the process of setting up a trust or perhaps thinking about doing so? If so, understanding exactly what attorneys do for trust administration can help you make informed decisions. Our legal team will help you evaluate documents and make the correct filings for your trust. Ensuring compliancy with California laws is another part effective trust management. Lawvex can help with all the various steps of administering a trust, from setup through dissolution, making sure assets are properly managed on behalf of all beneficiaries.

Experienced Attorneys for trust administration

For families with trust-based plans, trust administration will be required as there is still legal work to do even though there may not be a court case. Trust administration is handled privately, outside of court unless there is a dispute or clarification needed. We can provide tremendous protection for trustees that may be personally liable if they are negligent in trustee duties. We can also provide guidance regarding the timing and manner of operating businesses or selling land or investment property.

Contact us to learn more about how we can help you with Trust Administration.

I’m a successor trustee of a trust, do I need a lawyer?

FAQs About Trust Administration

Trust administration is the process of managing a trust after it has been created. This includes tasks such as collecting income, paying expenses, and distributing assets to beneficiaries.

People often think that because there is a trust, there is nothing for the trustee to do after someone passes away and they can just distribute their assets. That is not true. Trust administration requires the same process as a probate, it just happens outside of court, instead of inside court. It is true that the trustee has more flexibility and can do some things themselves if they choose to. That makes trust administration generally quicker and easier than probate. But trust and estate lawyers provide expert guidance and advice to trustees on all aspects of trust administration to: protect them from liability from unhappy beneficiaries, creditors, and even the government such as the IRS and Franchise Tax Board. An expert trust and estate attorney can help you get your inheritance faster and provide peace of mind to the trustee by ensuring that the trust is being properly managed.

There are several types of trusts including revocable trusts, irrevocable trusts, asset protection trusts, charitable trusts, and special needs trusts, among others. The right trust for you depends on your specific needs and circumstances.

Generally, setting up a trust involves identifying the trustor, trustee, and beneficiary, deciding on the type of trust, drafting the trust document, funding the trust, and finally, signing the trust document in accordance with state laws.

Trusts offer many advantages such as avoiding probate, preserving assets for heirs while providing for a surviving spouse, holding assets for kids who are too young, disabled or struggling with addiction, and protecting assets from creditors. However, they can also be complex to set up and manage, may have tax implications, and once established, irrevocable trusts generally cannot be changed.