You may have been given the role of “trustee” over someone else’s trust. As the trustee, you are responsible for properly administrating the trust. This creates a legal duty called a “fiduciary duty.” As the trustee it is very important that you administer the trust in a way that is in the best interests of any beneficiaries. If you do not meet this duty there are potential legal ramifications, such as a beneficiary suing you for improper administration and seeking damages. Hiring an experienced attorney can help to avoid such headaches and consequences.
While some trustees are able to handle the role of trust administrator (especially if they are an attorney), most people will wisely seek the advice of a knowledgeable trust administration lawyer.
A lawyer can help with many aspects of trust administration, including:
- Properly notifying beneficiaries of the trust
- Managing any issues with real property held in the trust
- Handling distribution of assets and trust funds
- Helping to ensure state and federal law compliance
- Dealing with income and estate tax filings
These are just some of the ways an attorney can help you with trust administration. We understand that being the trustee is an often stressful and complex matter. Our lawyers in California are very experienced when it comes to helping trustees with all types of trust issues. If you are requiring help with any type of trust administration or other estate planning matter, consider reaching out to our Roseville, California, law firm.