Trust Administration Guidance From A Team Led By A Board-Certified Specialist

Trust administration is the process of managing and executing the terms of a trust according to the terms the creator established. Trustees – those who handle trust administration – shoulder significant responsibilities. They must not only uphold the terms of the trust, but also adhere to high legal standards. It’s a role that demands diligence as well as a deep understanding of legal and financial issues.

If you’re a trustee seeking legal guidance, turn to our trust administration attorneys at the Law Offices of Berge & Berge in San Jose. We focus solely on estate law, including estate and trust administration. Our team includes an experienced attorney with an advanced tax law degree (LL.M) who is board-certified in estate planning, trust and probate law through the California Board of Legal Specialization. These credentials offer a significant advantage when it comes to navigating the financial and tax intricacies of trust administration.

Detailed Insight Into Trust Administration

Trust administration encompasses a variety of tasks, from notifying beneficiaries and managing trust assets to paying taxes and making distributions. These tasks require meticulous adherence to the terms of the trust as well as California law.

Trustees are considered fiduciaries – that is, someone who is legally charged with acting in the best interests of the trust beneficiaries. Fiduciaries must place the interests of the beneficiaries ahead of their own. They must execute their duties with diligence, loyalty and prudence.

We partner with trustees in upholding their responsibilities with the utmost of care. We know that every trust is different, just like the people involved. We offer guidance on every kind of trust. Our goal is to help avoid potential conflicts and manage the trust effectively.

Representation For Successor Trustees, Grantors (Creators) And Beneficiaries

When a trustee resigns, becomes incapacitated or passes away, it’s crucial to address the situation promptly to maintain the integrity of the trust administration. We assist with these transitions. Our lawyers can help appoint a new trustee according to the terms of the trust or through legal proceedings if necessary.

We also represent trust beneficiaries, providing guidance on their rights and representing them in conflicts. Additionally, we help clients create, fund and maintain trusts – including living trusts – as part of our comprehensive estate planning services.

Trust Administration FAQs

Trust administration is a complicated process. If you want to learn more about trust administration, then it can help you prepare a list of questions for our attorneys. We can help you find answers to the following questions and more:

What are the duties and responsibilities of a trustee?

A trustee has a fiduciary duty to act in the best interests of the beneficiaries, so they have a duty of care, loyalty, confidentiality and more. In practical terms, a trustee is responsible for managing and protecting the assets held in trust on behalf of its beneficiaries. Key responsibilities include administrating the trust according to its terms, investing assets prudently, avoiding conflicts of interest, keeping accurate records and generally ethically and responsibly managing their role.

What types of trusts might I need to administer as a trustee?

You may be given the responsibility to administer many different types of trusts: including:

• Revocable trusts
• Irrevocable trusts
• Special needs trusts
• Generation-skipping trusts
• Pet trusts
• Testamentary trusts
• Spendthrift trusts
• Incentive trusts

It is important to understand the type of trust you are responsible for overseeing and learn about the specific duties you may need to perform. You need to understand the full scope of your fiduciary role, and look for legal guidance when necessary.

How do I handle tax returns and other financial reporting as a trustee?

One of the duties of the trustee is to manage accurate financial records of the trust. For example, the trustee may need to keep track of any gains or losses in a trust after taxes. To keep accurate records of a trust, the trustee can talk to one of our attorneys to learn more about how tax returns can affect a trust.

What happens if a trustee makes a financial mistake?

Trustees are only human, which means they may make simple mistakes that breach their fiduciary duty toward a trust. A mistake can lead to serious legal consequences and financial repercussions if an issue is not quickly resolved – and the trustee can be held personally liable for losses. Our attorneys can help trustees address any acquisition of fiduciary breaches.

Connect With Our Trust Administration Lawyers

If you’re a trustee seeking assistance in the South Bay area, we are ready to help. Our team’s mastery of both the legal and financial aspects of trust administration makes us uniquely qualified to assist you. Contact us today at 669-244-3546 to learn more.