The important role of a trustee is crucial to the successful administration of a trust. A trustee is “trusted” individual who is responsible for making sure the provisions of the trust agreement are followed. Trustees are basically responsible for management of the trust property, including maintaining accurate records of every transaction taken that relates to [ ] The post Trust Administration Attorneys Can Handle Administration Issues appeared first on Northern California Center for Estate Planning and Elder Law.
If you have been called upon to serve as a trustee, you have a very important job. The role of trustee is an essential component of successful Sacramento trust administration. The trustee is the person responsible for ensuring that the terms of the trust document are followed. A trustee is ultimately responsible for managing the [ ] The post Errors to Avoid in Sacramento Trust Administration appeared first on Northern California Center for Estate Planning and Elder Law.
Trust attorneys will tell you that a trust is a very beneficial estate planning tool. They can be useful in minimizing estate taxes and in avoiding the expense of probate. There are actually many benefits to creating a California trust. When it comes to trust administration, though, it is equally important to understand what is [ ] The post California Trust Administration appeared first on Northern California Center for Estate Planning and Elder Law.
Regardless of your purpose for creating a trust, that trust will need to be administered. Trust administration involves investment management, implementing charitable giving strategies, risk management, insurance planning and business succession planning, when applicable. The trustee you select to manage your trust and its administration will be responsible for carrying out the terms of the [ ] The post Trusts and Trust Administration in Sacramento appeared first on Northern California Center for Estate Planning and Elder Law.
Trust attorneys will agree that a trust is a valuable estate planning tool. Trusts are useful in minimizing estate taxes and in avoiding costly probate. There are actually many benefits. But, when it comes to trust administration, it is equally important to understand what is involved and to select the right person or entity to serve as your trustee. The legal definition of a trust Trusts are basically fiduciary agreements between a trustee and the grantor, who is the person making the trust. Fiduciary simply means the agreement is based on the trust and confidence. The trust document gives the trustee the authority to manage the trust assets and distribute them to the named beneficiaries pursuant to the terms of the trust agreement. A trust may be used in place of a will, or may be used in conjunction with a will where it only applies to certain property. Common goals of a trust As people accumulate their wealth, grow their retirement accounts, make their investments and
A probate attorney, commonly referred to as an estate attorney, focuses on assisting a Personal Representative through the entire probate process from beginning to end. A probate attorney can be an invaluable resource because the laws in each state are different with regard to probate proceedings and all of the requirements imposed by the probate court. In fact, the first piece of advice for a personal representative is “hire an attorney.” Here s why. What is involved in estate administration? When someone dies, the assets which make up their estate must be distributed to their heirs. In many cases, in order for those assets to be properly distributed the estate must go through the probate process. Probate involves several steps, including proving the existence of a valid will if there is one, identifying the property and creating an inventory, appraising the property as necessary, paying debts, funeral expenses, and taxes, and then distributing the remaining property to
If you have been called upon to serve as a trustee, you have a very important job. The role of trustee is an essential component of successful trust administration. The trustee is the person responsible for ensuring that the terms of the trust document are followed. A trustee is ultimately responsible for managing the trust property and keeping accurate records of all transactions. This is a great responsibility, so here are four common mistakes you need to avoid. #1: Failing to adhere to your fiduciary duty Trustees must always manage the trust and trust property with only the best interest of the beneficiaries in mind. Trustees are also subject to certain regulations, such as the Uniform Prudent Investor Act, a law designed to protect beneficiaries from improper investment choices. What this means for you, as a trustee, is that you can be held liable for investment losses or missed opportunities and profits that beneficiaries could have received if you had been more prudent