There is an incredible amount of responsibility that comes with the task of being appointed executor of a person’s trust. A trust can be as complicated a document as you’ll find. Especially if it’s part of a long-term estate plan. The administrator has to be in charge of very serious legal duties when it comes to the distribution of assets. Our team of Irvine Administration Lawyers will provide you with the experienced legal guidance you will need to help you properly manage the difficult waters associated with managing and administering trusts, while also helping you avoid the probate process entirely.
There are many aspects to managing a trust. And sometimes it can be quite difficult to understand. In many cases, beneficiaries and heirs may disagree with the administrator’s decisions and contest the wills in court. In times like these it’s important to get counsel and advice from a knowledgeable Irvine administration lawyer such as Kosnett Law Firm.
The best way to avoid a trust contest is to obtain good legal advice as soon as you have become the ‘Successor Trustee’. As a trust administrator, you are responsible for notifying beneficiaries. As soon as the administration of the trust is transferred to the trustee, all beneficiaries of the trust must be notified. Notification should be mailed, and should also contain information on how to contact the trustee. As well as where the trust is physically located and where it will be administered.
Once all of the property in the trust has been gathered, the trustee will need to pay all of the debts and tax liabilities of the person who created the trust.
After all the assets have been gathered, and the debts paid, the remaining assets normally should be distributed among the beneficiaries. This is usually the part that’s most likely to inspire a challenge by heirs who feel they have not received as much as they deserve. And as the administrator, you may have to deal with being accused of mismanagement.
Good legal advice is necessary when trying to handle all the motions, pleadings, and proceeding of a possible trial. You can be rest assured knowing you’re represented by the best, with decades of experience working with and for you.
If you or someone you know is in need of an administrative attorney in the Irvine area, contact Kosnett Law Firm for a free consultation by calling 310-751-0446.
I am an alumni adviser for a fraternity at USC. The chapter was involved in a disciplinary action with the university. After receiving unusually harsh and unfair sanctions from a student/faculty review committee, our chapter sought counsel from James Kosnett. He attended a hearing with USC administrators, and prepared a compelling written appeal.