Burbank Trust Administration Lawyer

When a loved one leaves a trust behind after passing away, it’s up to a trustee to administer the estate plan and distribute assets accordingly. This is a great responsibility that comes with many rules you must follow. That’s where a Burbank trust administration lawyer can help.

Otherwise, beneficiaries and other parties may come after you in court to pursue what they believe is rightfully theirs. Experienced attorneys can guide you through the trust administration process and represent you if someone disputes the trust.

What Is Trust Administration?

Trust administration is the process of distributing assets and managing other aspects of the fiduciary agreement created by a party known as the settlor or trustor, often occurring after their death. Unlike a will, a trust does not need to go through probate court. Rather, a named trustee oversees asset distribution in compliance not only with the trust itself but also with all applicable state or federal laws.

There are crucial tasks a trustee must carry out, as outlined in the California Probate Code. Part of the administration process includes verifying the details of the document, appointing a successor trustee, and distributing the estate. In 2017, Americans filed 3.2 million trust and estate income tax returns, speaking to the importance of proper trust administration.

Responsibilities of a Trust Administrator

A trust administrator, or trustee, has many responsibilities, both detailed within the trust and California trust administration laws. As the trustee, you are responsible for ensuring that the trust is adhered to. You must uphold the integrity of the document and act in the best interests of the beneficiaries. The decisions you make should always be in their interest.

You have a duty to disclose all information about the trust, including its status, the assets within it, changes that have been made, and any challenges that have arisen. Trustees must ensure all creditors and taxes are paid, and they must file the decedent’s final income tax return. You must also account for all assets listed in the trust and ensure they are properly identified.

Additionally, you have to remain impartial. You can’t show any favoritism or bias toward the beneficiaries. If necessary, you must be prepared to take action to enforce the terms of the trust. In some cases, you, as the trustee, may have to petition the court for assistance if the terms are ambiguous. These are serious responsibilities, and a Burbank trust administration attorney can help you manage this process.

How Can an Attorney Help With Trust Administration

Failing to uphold your duties as a trustee can have serious consequences. Beneficiaries or other parties can pursue legal action against you to fight for what they believe they are owed. You can face fines or even criminal charges if you breach your duties. Luckily, a trust administration lawyer can help you manage your responsibilities and ensure you’re following all relevant laws.

Only 11% of Americans have a trust as part of their estate plan. With so few people using this valuable estate planning tool, it’s expected that you might have limited experience in administering trusts. Barry Law Group can be your advocate throughout the process, ensuring the trust’s terms are properly executed.

Choose Barry Law Group, a Boutique Litigation Firm

For over 30 years, Barry Law Group has been offering dedicated, compassionate legal services to clients in Burbank, CA, and other parts of California. The goal of our law firm is simple: give our clients the support they need. Whether you’re a trustee who needs help administering the trust or you’re facing a dispute brought by a beneficiary, we can represent you, fighting to protect your rights and defend your position as the administrator. Trust Barry Law Group with your trust administration case.

FAQs

How Much Does a Trust Administrator Charge in California?

How much trust administrators charge varies greatly. Professional services will typically charge more than nonprofessionals, and both often charge a percentage of the value of the estate annually. Professionals usually have their own legal team to assist with administration, adding to the cost. Particularly complex trusts usually come with a higher cost, and some trust administrators charge hourly for the work they have to do.

Do I Need a Lawyer for Trust Administration in Burbank, CA?

You do not need a lawyer for trust administration, but having an experienced, knowledgeable attorney on your side can help ensure the process of distribution goes smoothly, and they can represent you in case a dispute arises. What’s more, they can ensure the trust complies with state and federal laws, and they can offer guidance to protect you from liability.

How Is Trust Administration Different From Probate?

Trust administration is different from probate primarily in how it is overseen. Trust administration is managed by a trustee. The process is meant to happen privately, without the involvement of the court. Probate, however, must go through the court. A judge oversees the entire process, start to finish. What’s more, trust administration can occur while the trustor is still alive, while a will does not go to probate until after the testator is deceased.

How Much Does a Trust Attorney Cost in California?

How much a trust attorney costs depends on several factors, including the complexity of the trust, the experience of the lawyer, and the responsibilities with which you want them to assist. If you have a relatively simple trust you only want general guidance on by a newer attorney, you can expect a lower fee. However, if you have a complicated trust with numerous beneficiaries challenging the terms, you can expect an experienced attorney to charge more.

Hire a Trust Administration Lawyer

Administering a trust is no small responsibility, and it’s important that you get every part of it right. If you need assistance with trust administration, it’s wise to turn to an experienced estate attorney for assistance. Hire a trust administration lawyer from Barry Law Group for comprehensive, dedicated support throughout the trust administration process.

Contact us to schedule your free consultation. When you come in, we can discuss your case, helping you understand your responsibilities and how we can help you fulfill them.