Depending on of the number and type of assets, and the number of beneficiaries to receive a disbursement, trust administration can be simple or quite complex. Trust administration involves much more than simply distributing the property after an untimely death. A trust administration attorney is crucial to managing disputes and efficiently administering the trust. Whether you are a trustee or a beneficiary, a professional review the fiduciary duties owed as administration begins can help beneficiaries understand their legal rights, and help trustees.
What does a trust administration lawyer do?
As a trustee, a trust administration attorney can assist you in understanding whether you have a case against you. Or more importantly, advise you on how to administer the trust as you get started so disputes and misunderstandings don’t occur. An attorney can review the estate plan and advise you of your fiduciary duties. Similarly, a trust administration attorney can advise you of the duties a trustee owes you, such as reporting requirements and timeline, so disputes don’t arise accidently.
Helps to administer the trust
With the assistance of Trust counsel, it is easier to organize and understand the requirements for trust administration. We can review the trust terms, and where absent, help you understand how the state statutes fill in the blanks for information not included in the Trust. We can advise on whether any trust terms are in conflict with the law, or if the trust terms are ambitious, how to interpret them. We can also help you structure the organization of the trust to meet the goals and obligations of the trust terms. This will help you protect the trust estate and minimize the risk that your actions will later be contested.
Representation of client in probate court
If your actions as trustee, or the trust itself are contested, a trust administration attorney can represent the trustee in court and defend the trustee’s actions or the granter’s position. Our goal is to ensures the financial and legal obligations that resulted from trust establishment are enforced, and the trust property is protected.
Trust administration Hawaii & California
A trust attorney further assists a fiduciary by advising on how to:
- Notify the beneficiaries and the government entities of the death of the person. This includes the Department of Health, Social Security Administration, mortgage companies, life/health insurance companies, credit card companies, and other creditors.
- Manage of trust estate includes assessments of all property value, and filing taxes.
- Distribute the assets to all beneficiaries
- Complying with the federal and state laws
Takeaway
If you have been names as a personal representative of an estate or a trustee of a trust in Hawaii or California, it’s important to get in touch with a trust administration attorney as soon as your duties begin. If you have already served with a lawsuit, or a demand letter from the beneficiaries, it’s important to work quickly to minimize the dispute as quickly as possible. Getting advice early can help reduce discord, and lead to a quicker result for all involved. The process of trust administration need not be overwhelmingly.
Whether Legacy or Business Planning, Contact CASHMAN LAW today for a free consultation to get the Plan You Deserve.™ You can reach us at 808-460-0436 or 650-319-6801, or schedule an appointment directly at this Link.
Thank you for taking the time to read my blog. Please find additional blog articles at the links to the right or in the posted blog section below. If you would like to receive notice as each new blog article is posted, fill out the “Contact Us” form and indicate in the comments section that you would like to receive an email. Your information will not be shared, and you will not be contacted for any other purpose, unless you specifically request it.
The contents of this blog are intended to convey general information only and not to provide legal advice or opinions. The posting and viewing of the information on this blog should not be construed as, and should not be relied upon for, legal or tax advice in any particular circumstance or fact situation. While effort is taken to update the information presented, it may not reflect the most current legal developments. Please contact CASHMAN LAW LLLC (Hawai’i)/ CASHMAN LAW LC (California) to consult with an attorney for advice on specific legal issues.