Los Angeles – Riverside – San Bernardino – Orange County - California
Acting as Trustee
Here in California, trustees administer and manage Living Trusts and other trusts without court supervision, unless an action is brought against the trust or trustee. If you are called upon to act as a trustee, you will be responsibile for the efficient and lawful administration of the trust. Your duties as trustee will include:
· Reporting to and notifying beneficiaries
· Trust accounting and reports
· Estate and fiduciary tax return preparation and filing
· Management of property and investments
· Inventory and appraisal of assets in the trust
· Liquidation/sale of assets
· Making distributions to beneficiaries
I have advised and counseled California trustees for the past 23 years to ensure that they comply with their legal requirements and responsibilities as a fiduciary.
Acting As Trustee For A Living Settlor
You may be called upon to act as Trustee for a family member or friend who is aging or has become incapacitated, either as the original Trustee or as a Successor Trustee. Your responsibility will be to act in the best interests of the Settlor (the family member or friend who created the Living Trust).
Acting As Trustee After The Death of Your Spouse
When a married couple creates a Living Trust together, and one spouse passes away, the provisions of the Living Trust may require that the trust be split into Sub-Trusts to capture certain tax and other advantages. The surviving spouse also has the ability to elect portability of the unused exemption amount of the deceased spouse. Improper trust administration can result in the loss of thousands of dollars due to the failure to comply with federal Estate and Gift Taxation law.
Acting As Trustee After The Death of The Settlor/Trustee
When the Settlor who was acting also as Trustee passes away, and you are the Successor Trustee, you have responsibility for taking immediate control of the property, money, and assets of the Trust; and to begin the administration of the Trust, and often to settle the Trust by paying the debts and taxes of the decedent, and then making a distribution to the beneficiaries. You may also be one of the beneficiaries of the Trust, especially if the decedent was your parent. If there are minors who are beneficiaries, the Trust may require on-going administration over a period of years, and specify both discretionary payments and required distributions based upon the beneficiaries reaching specified ages.
Skilled Advice and Counsel
I advise and counsel California Trustees on all relevant legal issues which impact Trust Administration: California Probate and Trust Law, Federal Estate and Gift Taxation Law including 706 Estate Tax Return filings, Income Tax Law including Fiduciary Tax Return filing, and issues concerning inventory, appraisal, sale and transfer of assets, beneficiary distributions, and accounting.
Protect Your Rights and Assets
The early stages of administration are critical. Call me directly at 1-714-385-0044 to schedule a consultation or email me.
Dwight Edward Tompkins, Trust Administration Lawyer
Serving: Portola Hills, Rancho Cucamonga, Rancho Santa Margarita, Riverside, San Bernardino, San Clemente, San Juan Capistrano, Santa Ana, Santa Fe Springs, Seal Beach, Los Angeles County, Orange County, Riverside County, San Bernardino County.