Trust Administration

Did you know that, if you’re serving as the trustee of someone else’s trust, you have an obligation to administer the trust according to its terms?

Most people think there’s nothing to do after a person dies with a living trust in place. Nothing could be further from the truth. In fact, trustees are personally responsible and often liable for their actions (or their failures to act) as trustees. If you find yourself managing someone else’s living trust, whether they're incapacitated or they’ve passed away, you really do need expert legal help. You’ve got a lot to do.

There are, for example, a number of legal duties that you must execute correctly. These duties include the duty to account and furnish information to beneficiaries, the duty of confidentiality, the duty of loyalty and the duty of impartiality. Sound simple? In practice, navigating your responsibilities as a trustee can be tricky, especially if you don't want to be financially responsible for doing it wrong.

Your job can be made even more difficult if the trust contains errors due to bad drafting or if it was constructed as a one-size-fits-all document. Under those circumstances, it may be necessary to go to court for instructions or to have the trust revised.

Our office has extensive experience administering trusts. Whether the estate is large or small, we would be glad to help you make sure you are protected as you carry out your trustee responsibilities. A living trust is a great tool for avoiding probate and estate taxes, but a bad administration can botch even the best planning. It can also have grave consequences for family relationships.

Call us at 916.273.9040 or click here to see if we would be a good fit for your trust administration needs