Trust Administration Services
Trust administration is critical for overseeing your assets and ensuring the preservation of your wealth. After working a lifetime to maximize the value of your estate, mismanagement of your trust can be devastating to heirs and beneficiaries. Trusts are vital documents, and we at TLD Law are committed to helping clients understand and effectively manage their trust administration duties.
Key Services in Trust Administration
Our team represents both individual trustees and corporate fiduciaries, guiding them through the legal and procedural aspects of trust administration. Whether the person who created the trust has passed away or is no longer able to manage it, TLD Law is here to support you with expertise and care. We help carry out the intentions of the trust’s creator while also meeting the needs of the beneficiaries.
Common Administrative Tasks
A successor trustee must initiate the trust administration process, which may involve presenting a death certificate or a professional certification of incapacity. Administrative duties include:
- Notifying beneficiaries and interested parties
- Preparing and recording affidavits for real estate or property owned by the trust
- Sending proper notices to the county assessor’s office for property tax reporting
- Ensuring the trust is irrevocable and complying with California Probate Code section 16061.7
The trustee is also responsible for collecting trust assets, paying debts, and distributing assets according to the trust terms. Having legal counsel during this process can help avoid costly mistakes, especially when it comes to complex fiduciary duties.
Distribution of Assets
While distributing assets might seem straightforward, there are many potential pitfalls. Our attorneys provide guidance on how assets should be best allocated, often advising on distribution agreements or seeking court approval when necessary. Proper handling of distributions and the subsequent termination of the trust is essential to preventing future disputes among beneficiaries.
Fiduciary Duties
Successor trustees have critical fiduciary duties to the trust and its beneficiaries. These duties include:
- Duty of Loyalty
- Duty to Avoid Conflicts of Interest
- Duty Not to Delegate
- Duty of Disclosure
- Duty to Enforce or Defend Claims
- Duty of Impartiality
- Duty to Keep Trust Assets Separate
We represent trustees to ensure they meet these obligations, mitigating the risk of legal complications down the road.
Team Approach to Trust Administration
TLD Law offers a unique approach through our dedicated Trusts, Estates, Administration, and Litigation (TEAL) team. Our experienced attorneys in Long Beach and Irvine collaborate closely to manage the complex needs of our clients in trust administration. This team-based approach ensures that each case is handled with the utmost care, efficiency, and strategic oversight.
Trust Litigation
While most trusts are administered without issue, disputes can arise, leading to trust litigation. Whether you need to defend a trustee’s actions or protect the interests of beneficiaries, our TEAL team is well-equipped to handle various trust-related disputes, including:
- Trust contests
- Heggstad Petitions to transfer assets into a trust
- Elder abuse claims
- 850 Petitions to return property wrongfully taken
- Objections or defense of trust fiduciary accounting
- No Contest Clause litigation
Our team’s experience in trust drafting and administration makes us particularly adept at navigating and resolving trust-related litigation in Southern California courts.
Contact TLD Law
For assistance with trust administration or trust litigation, please contact TLD Law by emailing estateplanning@tldlaw.com or calling (877) 923-0971 to speak directly with a member of our TEAL team.
