Trust Administration

It is a common misconception that trusts are self-executing; on the contrary, when a person who creates a trust (a "trustor") dies, certain steps are required by law to be carried out.  Improper administration of a trust can result in the loss of property tax exemptions or increased estate tax liability.  Failure to take action, or failing to act appropriately, can also subject the trustee to personal liability

Our experienced trust administration attorneys advise trustees on their legal duties, responsibilities, liability and required administrative procedures.  We advise trustees on the following:

• Trustee's duties, standards, and powers
• Management and investment of trust assets
• Accounting and recordkeeping requirements
• Creditor's rights against trusts and beneficiaries
• Trustee compensation and attorney's fees
• Subtrust funding
• Income taxation of trusts
• Estate tax returns
• Administration after the death of a trustor

We assist clients with every aspect of trust administration, including complying with California's requirement of filing the original will, preparing the required notices to beneficiaries, valuing assets and preparing inventories of the trust assets, obtaining tax identification numbers, preparing trust certifications, and changing title to real property.

Heggstad Petitions

Our attorneys are frequently called upon for assistance in administering a trust that has been prepared by another law firm.  Sometimes during the course of trust administration we will discover an asset that the decedent intended to have distributed as part of the trust, but the asset was not properly titled in the name of the trust.  When this occurs, we can prepare a petition to the court known as a Heggstad petition after the definitive case in this area.  If granted, this petition allows for the transfer of the asset in accordance with the provisions of the trust, without the necessity of a full probate administration.

To arrange a complimentary consultation with an experienced trust administration attorney, contact the Allen & Allen, LLP by e-mail, or call (831) 768-7215.