Los Angeles Trust Administration Attorney
We Can Help You Fulfill Your Fiduciary Duty
When you’ve been designated a trustee for someone’s revocable or irrevocable living trust, you have been given a serious legal responsibility. Similar to being an executor of a will, you will be in charge of administering assets and handling any disputes that arise after the document’s creator (or trustor) passes away. Unlike a will, however, you will most likely be administering trust assets while the trustor is still alive too – and there are many moving pieces to consider in the trust administration process.
Even if the trust appears simple, you should consider the services of an experienced trust attorney, to ensure that you are fulfilling your role to the letter of the law. At the Law Office of Mitchell A. Port, we can help you avoid costly mistakes, as well as serve as your representation in the face of any trust litigation or disputes. It’s our goal to give you sound advice and help you navigate this important responsibility, so that you can protect the trustor’s legacy.
For more information about our legal services in Los Angeles, give us a call at (310) 526-3433 today.
What Does a Trust Administrator Do?
As a trust administrator, there are many tasks you will need to perform once the trustor has signed their paperwork, and you will also have additional duties once the trustor becomes deceased. From investing assets to distributing out properties, you will need to have a clear understanding of the trustor’s wishes in order to perform your job.
Here are some of the tasks you may need to complete as a trustee:
- Making decisions about conservatorship for incapacitated trustors
- Determining proper care for elderly beneficiaries
- Keeping clear records of your decisions and investments
- Paying taxes and creditors on behalf of the deceased
- Managing funds and stock portfolios that are kept in trust
- Assessing the value of a trust’s assets
- Accurately disclosing personal gain and any conflicts of interest
- Distributing properties according to the trustor’s wishes
- Managing accounts for underage beneficiaries
- Contacting and informing beneficiaries about trust changes
- Meeting the IRS deadlines for tax payments
Of course, there are many other possible tasks beyond those listed above, too. This is one of the reasons it’s recommended that you speak with a qualified probate attorney right away: Aside from reducing your stress as a new trust administrator, a lawyer can help you with filing the right forms and motions to meet your responsibilities.
Careful Legal Guidance for Trustees
At the Law Office of Mitchell A. Port, we understand that it can be overwhelming to administer a trust on your own. Regardless of your familiarity with this role, we can help trustees resolve any disputes that come up and deal with all debts, tax matters, property distribution, and conflicts of interest. By relying on us, you’ll have greater confidence that your trust is being managed correctly, and in accordance with California laws.
Call (310) 526-3433 for a free consultation over the phone!