Van Nuys Trust Administration Lawyer

Being a trustee carries a lot of responsibility, both personal and legal. A Van Nuys trust administration lawyer can help you better understand your legal obligations. Proper trust administration helps you avoid legal challenges and better honor the wishes of your loved one.

Barry Law Group has a skilled team with more than 70 years of collective experience helping clients around Encino and Southern California. We approach each case with dedication, and with a history of litigation and administration, we have the knowledge needed to guide you.

The Duties of a Trust Administrator

The work of a trustee can actually be extensive. Obviously, managing assets in the trust, such as a property on Orion Avenue or Saloma Avenue, is a large part of being a trustee. But you may face many more tasks, including:

• Notifying beneficiaries and heirs after the grantor’s death
• Staying on top of tax returns
• Paying administration fees for a trust
• Facilitating access for beneficiaries
• Working to make sure the trust’s terms are followed
• Managing accounting for certain beneficiaries
• Many more legal and financial responsibilities

This can be a lot to manage, especially if you don’t have a legal background. Unfortunately, mistakes can happen, and 74% of contests to trusts include allegations of misconduct on the part of the trustee.

Avoiding these allegations helps you reduce your workload and not have to navigate further problems with the trust. The help of a trust administration attorney in Van Nuys, CA may be invaluable in knowing what your responsibilities are.

Avoiding Trust Conflict

As an administrator, the last thing you likely want is disputes from beneficiaries or other people affected by the trust. It’s important not only to fulfill your duties as a trustee, but to be able to converse with beneficiaries and reduce tension.

Sometimes trust disputes have to go through litigation, but when that can be avoided, it’s usually preferred to do so. Our lawyers don’t just help you manage your responsibilities, but we can also support you in conversations with parties who may have disputes.

In some cases, simply being able to explain the details of the trust or the decedent’s wishes can be enough to prevent disputes from escalating. This still requires a clear head, legal knowledge, and the ability to respond quickly.

Managing Changes to a Trust

When a grantor of a trust dies, the terms of that trust are usually solidified and cannot be significantly changed. However, there are some exceptions. In tandem with other estate planning documents, you might be able to add property to the trust, for example.

These changes should still be in keeping with the decedent’s wishes. It might be a change they couldn’t make before passing away, or simply something they overlooked. As the administrator, you may have the power to make the change in a way that benefits the trust and its beneficiaries.

Before trying to add property to a trust or make any other changes, you should review the terms and what the legal standing is for the change.

Hire a Trust Administration Lawyer for Experienced Guidance

Even small mistakes in trust administration can open you up to personal liability and legal challenges. As a trustee, it is important to understand your obligations and how to meet them. If you’re a beneficiary or other interested party, you can also get legal advice to see if a trust is being administered appropriately.

When you work with a lawyer from Barry Law Group, we can offer many types of support, including:

• Review of trust documents
• Notifying beneficiaries and other parties
• Adding property to a trust
• Modifying a trust
• Addressing potential legal challenges
• Reviewing regular management by trustees

Managing a trust is something most people aren’t familiar with doing. You can instead rely on an attorney who has extensive experience with trust administration.

FAQs

What Are Common Mistakes People Make With Trusts?

Some common mistakes people make with trusts are not properly transferring property, leaving key assets out, or failing to notify beneficiaries. There are many other mistakes that can be made with trusts, and these mistakes may be costly. It’s important to address any mistakes as soon as you notice them.

What Should You Not Put in a Trust?

What you should and shouldn’t include in a trust really depends on the circumstances of your estate and the terms of your trust. However, general advice is to avoid putting retirement accounts, life insurance policies, and similar assets into a trust. This can trigger tax penalties and decrease the overall value of those assets.

Do the Beneficiaries of a Trust Have to Pay Taxes?

Yes, the beneficiaries of a trust may have to pay taxes in some situations. California has no state inheritance tax, so certain allowances from a trust may not be taxed. Value earned by the trust and then given to beneficiaries is considered taxable income, however. As a beneficiary, it’s important to know when you are responsible for paying taxes on trust income and doing so in a timely manner.

Can You Challenge a Trust?

Yes, a trust can be challenged or contested. As the administrator of a trust, contests to it can be difficult to deal with. You may wish to hire a trust administration lawyer who can help you review the situation and determine what steps are necessary. Challenges can arise due to allegations of misconduct, questions of the grantor’s mental status, and other legal and personal factors.

Skilled Trust Administration for Van Nuys

At Barry Law Group, we know that trust administration isn’t easy. While it may be your first time dealing with it, we have helped clients through countless trust administration cases. We understand the complexity these cases carry and how California’s laws apply to them.

Understanding your duties as a trustee under California Probate Code §16000–16015 is vital to properly managing a trust. We can help you understand the law and approach administration in a way that reduces the likelihood of legal issues further down the line.

Don’t wait until a dispute occurs to get help managing a trust. Contact Barry Law Group now to get the qualified legal aid you need.