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 Anderson 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 Anderson 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:
What Is the Generation-Skipping Transfer Tax?
In this month’s newsletter, we provide a comprehensive understanding of the Generation-Skipping Transfer Tax and its implications. With each transfer of wealth, federal estate taxes are collected. Typically, money goes from spouses to children, then grandchildren, and so on, with taxes collected each time. Wealthy families discovered they could avoid estate taxes by giving money…
Continue Reading What Is the Generation-Skipping Transfer Tax?
All About Intrafamily Loans
An intrafamily loan is a financial agreement between a family member who borrows money from a lending family member. These loans benefit children and grandchildren learning to be financially responsible but may have difficulty obtaining a loan due to age or credit score. In many circumstances, these loans offer flexible repayment terms and interest rates.…
Beware! Nonlawyers Who Act Like Lawyers
Many people misinterpret estate planning as merely obtaining documents to show their wishes regarding the distribution of their assets after their passing. However, estate planning is much more intricate. Undoubtedly, estate planning is a multifaceted process involving carefully considering one’s financial, personal, and familial circumstances. Nonlawyers who act like lawyers cannot create the best comprehensive…
The Executor’s Role During Probate
When drafting a will, a crucial decision involves selecting the individual who will act as the executor of your estate. This person is the representative tasked with executing the instructions you provide in your will. Moreover, this person may have certain discretionary powers that you grant them in deciding the distribution of your assets. However,…
Want to learn more about trust administration?