Trusts offer stable yet versatile estate planning options. These legal entities allow you to pass on your assets to future generations and protect them during the course of your life. Using trusts could also reduce the tax burden across multiple generations.

To get the most of your trust, it is important that you make a plan for its administration. A goal-oriented trusts attorney could aid you make a plan that ensures things go smoothly when it is finally time to administer the trust. Let an Orange County trust administration lawyer help you plan for the future.

What is the Trust Administration Process?

There are several crucial steps in the trust administration process that an attorney in Orange County could assist with:

Providing Notice

Before any of the property held by the trust can be distributed, it is necessary to provide all interested parties with formal notice that the administration of the trust is set to begin. This notice should be sent to all beneficiaries. The notice requirements for trusts are complex and must be complied with carefully.

Handling Assets

There are unique steps that go into any real property held in trust. Before the title of that property can vest in the beneficiaries, the trustee must file a number of legal documents establishing that the trustee has the legal right to manage the property.

The trustee must also set up an appropriate trust bank account to prevent the intermingling of funds.

Paying Debts

Trust administration is about more than just handing out assets. There are often a number of debts and tax obligations that must be addressed, and it is usually necessary to file a tax form.

Distribution and Accounting

The final step for any administrator is to distribute the assets to the beneficiaries and then make a final accounting. This process wraps up the process and brings the trust to a close.

Common Trust Administration Issues in Orange County

There are a number of contentious issues that could arise during the trust administration process. These errors could result in delays, unnecessary probate proceedings, or steep tax consequences. Thankfully, an experienced local attorney could help avoid or resolve these trust administration issues.

Trustee Authority Disputes

There are times when the original trustee passes away and disputes arise over the new trustee. If the language in the trust documentation is unclear, beneficiaries might complain that the secondary trustee lacks authority to act on behalf of the trust.

Unclear Distribution Guidelines

Trust documentation should make it clear when the distribution from the trust is appropriate. When the terms are vague, it is not uncommon for disputes to arise over when beneficiaries are entitled to disbursement. Problems can also arise when a trustee has discretion over these issues.

Death of a Beneficiary

Just like with other estate planning tools, it is important to update the documentation for trusts. If a proposed beneficiary passes away before the trust administration is to begin, it could result in unexpected consequences and confusion. In these situations, court intervention could be necessary.

Learn How an Orange County Trust Administration Attorney Could Help

If you have been tasked with administering a trust, you do not have to do so on your own. There are several challenges that can come up during this process, and the guidance of legal counsel could be invaluable.

Let an Orange County trust administration lawyer help you navigate this process. Call our firm right away to learn more.

Los Angeles Offices
Covina Office

800 S Barranca Ave #260,

Covina, CA 91723

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Rosemead Office

3733 Rosemead Blvd., Ste. 201
Rosemead, CA 91770

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(626) 307-2800
(By Appointment Only)
Diamond Bar Office

1930 S. Brea Canyon Rd. #120
Diamond Bar,  CA 91765

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(626) 307-2800
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Orange County Office
Tustin Office

511 E 1st St., Suite H
Tustin,  CA 92780

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(626) 307-2800
(By Appointment Only)

Amity Law Group, LLP

Amity Law Group, LLP