Trust Administration
Definition:
Setting up trusts are a good way to avoid probate proceedings. Trusts, unlike wills, are administered without the involvement of probate court. Trust administration ensures that the bank or other trustee is meeting legal obligations. Trust administration is easy when the person who created the trust is still alive and administering the trust, but when they die, it can be complicated.Consequences of Trust Administration:
When a trust has been created, there are steps a trustee needs to take to fulfill duties such as investments and management of trust assets. Trust administration can have serious consequences for trustees who fail to perform their fiduciary duties. Under California law, the trustee can be held personally liable for breach of fiduciary duty when failing to render acts of the trustee.What a Lawyer can do for you:
An estate planning lawyer can help a trustee with real estate, brokerage accounts, bank accounts, tax returns, life insurance policies and other accounting issues. An estate planning lawyer can also help prepare a trust and the common mistakes made by a trustee so that they do not result in personal liability.Lawyer Referral Service:
Estate planning lawyers understand the complexity of trust administration laws. If you need an experienced estate planning lawyer, contact Attorney Search Network today. We can help you find an estate planning lawyer to assist you with trust administration issues.
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