What Is Trust Administration?
Trusts are created for several reasons — to protect assets, dispose of an estate, and ensure that assets are used for a specific purpose, such as the continued care of a special needs or disabled individual or for tax planning.
Trust administration usually begins upon the death of the settlor. Trust administration is the responsibility of a trustee to manage the distribution of assets of a trust. This process is time-sensitive and often complicated. Furthermore, a trustee must manage investments, pay taxes, settle financial obligations, and file numerous necessary legal documents.
Trust Administration Is Complicated. A Trust Administration Attorney in Orange County CA Can Help
We advise trustees to have an experienced trust administration attorney to guide them through the process. Here at Law & Stein LLP, we know that enduring the passing of a loved one is one of the saddest and most stressful situations to go through. It is a time when you and your family should focus on grieving your loss and finding healing moments. Trust administration can feel even more complicated during such a difficult time.
Trustees aren’t usually experts in all areas of trust administration. In fact, trust administration can be quite perplexing to most people. To carry out your fiduciary duties as a trustee, you may need assistance from an attorney. We help prevent families from struggling through conflicts during the trust administration process. We assist all heirs in understanding the terms of the trust so that we may simplify what can otherwise be a complicated situation.
A Law & Stein trust administration attorney in Orange County, CA can review the trust agreements and advise you of your rights. Furthermore, we make certain that all legal requirements are being complied with while helping you manage tax matters and submit essential documents. We are well versed in tax and estate planning. For that reason, we can explain how each portion of the trust operates, and what your options are. We have the answers to your legal concerns and questions. Leave the management of trust administration to us. We will walk you through trust administration every step of the way and fulfill your legal duties as a trustee.
Read our latest articles on trust administration and estate planning:
Four Things Your Spouse Should Know
Married couples typically share nearly every facet of their lives. However, even the most intimate partners may hesitate to broach certain subjects when discussing death. While discussions about burial arrangements and remarriage can be awkward, addressing them as integral components of crafting a thorough estate plan is essential. Estate planning is a profound gesture of…
Strategies for Executives to Achieve Their Estate Planning Objectives
As a business executive, you strategize and set goals for your professional endeavors. Have you taken the time to apply these skills to ensure the well-being of your family? If you still need to, our assistance is available to provide strategies for executives when estate planning. Protection from Lawsuits and Creditors Many executives enjoy protection…
Continue Reading Strategies for Executives to Achieve Their Estate Planning Objectives
Estrangement & Estate Planning
Regrettably, family conflicts sometimes escalate beyond mere fleeting disagreements, leading to estrangement. Family estrangement refers to physical and emotional distancing among family. This separation often reaches a point where there is minimal or even no communication between family members for an extended time. For example, a parent may avoid contact with a child who has…
The Federal Deposit Insurance Corporation Will Increase Insurance Coverage of Trust Bank Accounts
The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency insuring deposits in U.S. banks in case of bank failure. The Banking Act of 1933 established the agency to restore public confidence in banks. As of 2023, the FDIC insures deposits up to $250,000. Most trust funds have bank accounts insured by FDIC. However,…
Want to learn more about trust administration?