Trusts are artificial, intangible legal creations that can operate according to a wide variety of rules. If you have been named a trustee or are expected to assist in managing a trust in some way, it can be challenging to understand your obligations, particularly at the beginning. We can help. Whether you just need guidance to get you started or you want ongoing professional trust administration or something in between, the team at Blacksburg Law is ready to provide just the right level of assistance
In some situations, trust administration is fairly straightforward and the obligations of a trustee or administrator are short-lived. For instance, if you have been named the successor trustee of a loved one’s revocable living trust, your primary duties will involve paying final bills and ensuring that the assets remaining in the trust are distributed in accordance with trust terms and the requirements of California law. Once those tasks are complete, then your duties are at an end.
Our team can review the details with you, explain what you need to do, and answer questions or provide other assistance as needed. If you want us to take over certain tasks, we can manage that for you as well. But the process will generally take less than a year, and it could proceed much faster.
On the other hand, administering an irrevocable trust that is set up to serve a specific purpose is a much more complex undertaking, and the obligations could last for many years. In that type of situation, many people do not have the time to devote to trust management, and they do not want to assume the responsibility of learning all of the legal requirements involved to ensure the trust is administered properly. Our team can assume the duties of trust administration, which may include filing reports, managing trust investments to grow in value, making disbursements in accordance with the terms of the trust and applicable law, and filing annual tax returns.
If you established a revocable living trust to avoid probate, you need to administer your own trust during your lifetime, and we can help you stay on track and ensure that your assets are properly aligned. As noted above, we can also help a successor trustee administer a revocable trust after the primary trustee passes away.
Our team can help with administration of all types of irrevocable living and testamentary trusts as well including:
Whether your trust is set up to reduce estate tax liability or provide for the care of a beloved pet, we can ensure that the trust operates in accordance with state and federal legal requirements and in a way that fulfills the trust objectives. In addition, with over 20 years of experience, we have relationships with a broad range of asset managers who can support prudent trust asset management.
We recognize that being a trustee is a significant responsibility; you don’t have to do it alone. With Blacksburg Law, you have a partner in trust administration.
If you have questions about trust administration or related issues, we invite you to call us at 415-508-5600 or contact us online at any time. We are here to serve you.
Our experience in California trust law enables us to provide the personalized guidance that each trustee and estate deserves. We strive to make the process as smooth and stress-free as possible, handling the complexities of trust administration so you can focus on what matters most during this challenging time.
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At Blacksburg Law, we recognize that serving as a trustee carries significant responsibility. It’s not just about legal obligations; it’s about ensuring you’re acting in the best interests of both the trust’s creator and its beneficiaries. Often taken on by a friend or family member, this role involves a profound level of trust and duty.