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California Trust Administration

Trust Lawyers in San Luis Obispo, CA

After a trust has been formed, the probate court may be required to become involved in dealing with any difficulties that emerge from that trust.

trust lawyers san luis obispo california

When a problem with a trust develops, 805 Law Group is here to help trustees and beneficiaries alike with their legal requirements. Let our trust lawyers San Luis Obispo, California help you out.

Your concerns may be a result of a trustee’s inactivity or poor behavior, or it could be a result of suspicions about the trust’s origins. 

Let’s find out the importance of a trust and how a trust attorney can help you file for yours.

For additional information about how trust administration are handled by our office, please contact our firm today.

Administration of Trust in San Luis Obispo

Because a trust is distinct from a deceased person’s estate, it is not subject to the probate procedure. However, running a trust is still time-consuming and difficult. Creating trusts is a specialty of ours, and we have attorneys on staff who are skilled in this area. After the grantor’s death, we may assist trust administrators (also known as trustees) on their responsibilities for maintaining and settling a trust. 

It is possible to disburse cash over a period of years or in recognition of certain life events, such as marriage or a college degree, in some trusts that pay assets directly to beneficiaries. We help in maintaining investments, issuing distributions, and closing the trust after all assets have been spent by the beneficiaries.

Process of Trust Administration in CA

Taking care of a trust is a lot of work. As a trustee, you have a legal and ethical responsibility to administer the estate with care. Your legal duties may be met more quickly and cost-effectively with the aid of our lawyers.

The trustee must perform the following duties throughout the management of the trust:

  • Informing recipients
  • Listing of the trust’s assets, which should include appraisals for certain items
  • Transferring of real estate, bank accounts, and other investments
  • Paying bills and debts.
  • Paying the trust’s income tax obligations
  • Paying any estate taxes that may be due
  • Sending an alert to the California Department of Health Care Services, as necessary
  • Keeping meticulous records of your trust’s financial transactions
  • Distributing trust assets among heirs.

Additionally, if you aren’t used to dealing with courts and maintaining complicated financial data, this procedure may seem intimidating. It may also be complicated by the history of the family and the connections between the children and other heirs. We can help alleviate some of the pressure and guard against the occurrence of blunders or misunderstandings.

In estate-related conflicts, 805 Law Group represents beneficiaries and heirs, as well as executors and trustees. Will conflicts, fiduciary responsibility litigation, and trust distribution disputes have all been handled by our litigators with much skill and success. As quickly as possible, we want to put an end to family feuds and get the estate administration back on track.

How Do Trusts and Wills Differ?

If you have minor children, you’ll need a will to designate a guardian for them in the event of your death. In California, the probate procedure may be sped up using a will, but it cannot avoid probate. Before your beneficiaries may collect their inheritance, a legal will must be probated.

A trust helps your heirs to keep the specifics of their inheritance private, avoid incurring court expenses for probate, and expedite the distribution of their inheritance.

Additionally, trusts aren’t only for your heirs to profit from after your death. As long as you are alive, you may construct your trust to protect your assets.

Financial Power Of Attorney

A financial power of attorney is a legal document that allows you to appoint someone to handle your finances and assets on your behalf. This kind of power of attorney (POA) is also known as the general power of attorney. You can use it if you become disabled, incapacitated, or unable to manage your finances.

The person who grants the authority is called the principal-agent while the appointed person is called the attorney-in-fact. A financial power of attorney letter is automatically extinguished upon the principal’s death. If you can’t decide on your own and have not granted a durable financial power of attorney to someone, a probate court will designate a person to act on your behalf if you are unable to do so.

Importance of a Having a Trust

You don’t have to be a celebrity to set up a trust. They may be used by anybody to achieve any number of objectives. In the case of your incapacity, you may avoid the time and expense of a conservatorship by setting up a trust. Probate may be avoided with the use of a well-crafted trust. In addition, certain trusts may reduce or eliminate estate taxes altogether. 

All parts of estate planning must be customized specifically to your requirements, and trusts are no exception. It’s like putting together a jigsaw puzzle, with each piece representing a distinct part of your life. Making a list of what’s most important to you as well as how you want to use it in the long run is an essential element of this approach.

Use a trust to safeguard your present and future interests.

We at 805 Law Group have the knowledge and resources necessary to help you design and manage trusts that:

  • restrict your tax responsibilities to the maximum extent permitted by law.
  • take steps to protect your assets and property from the likes of creditors, ex-spouses, and others.
  • keep your loved ones with special needs eligible for benefits while providing for other necessities, as in the case of a special needs trust.
  • determine how your assets will be passed on to your children and grandchildren as well as to other organizations.
  • achieve Medi-Cal eligibility for you and/or your spouse.

The trust rules in California are notoriously complicated. Failing to submit the proper paperwork may have dire consequences for your legal and financial future. Attorneys at our firm have extensive knowledge of these and other trust administration laws.

Why Do You Need a Trust Lawyer?

As soon as you are given the task of settling an estate or overseeing the affairs of a trust, you understand what a huge duty it is. There is a lengthy to-do list and a slew of regulations. What do you do first? Executors and administrators may rely on the probate attorneys at 805 Law Group to help them carry out their responsibilities as effectively as possible while still adhering to the letter of the law. When you have questions or concerns, we’re here to assist you in organizing your duties and resolving them. You do not need to struggle with navigating the legal requirements for trust administration on your own. At 805 Law Group, our experienced trust administration team can provide valuable guidance and walk you through the process from start to finish. From the most basic trust to the most elaborate, we can help minimize your exposure to liability and diminish the likelihood of disputes down the road. It is critical to obtain legal guidance as soon as possible. Many legal requirements for trust administration have swift deadlines. If you wait too long, you may end up facing a mess that can be difficult to untangle.

We Make Establishing a Trust Easier. Call Us Now!

Whether or not a trust is the best way to minimize your estate taxes, avoid probate, and preserve your desires, you can rely on the sound legal advice of our estate planning lawyers at 805 Law Group. Call our San Luis Obispo, California, office or fill up our form  online to set up an appointment.