Providing Experienced Trust Administration And Trust Repair Services
Proper trust administration is essential to avoid probate and even excessive inheritance taxes. As an attorney, it is my job to see that my client receives the probate and inheritance tax exclusions a living trust was designed to provide. Necessary trust administration services include changing the title to assets, preserving the federal estate tax exclusion amount and ensuring that the handling of the trust complies with state law. Major assets, including real estate and business interests, will need to be appraised and inventoried. The trustee also needs to file several state and federal estate tax and income tax returns. Some trusts, such as A-B trusts, are irrevocable, and the surviving spouse must file additional returns to verify that the exemption trust meets federal and state requirements. I work closely with my client’s accountant or financial adviser throughout the entire process if needed.
A Personal Touch To Trust Administration
At Michael A. Sawamura, Attorney at Law, I handle every aspect of trust administration. This hands-on approach ensures that your trust is managed with the utmost care and attention to detail. Here are the key services I offer:
- Resolving disputes: Conflicts are not a rarity in trust administration cases. I step in to mediate between beneficiaries and trustees. My goal is to find fair solutions that respect the trust’s purpose and keep families united.
- Managing complex trusts: My 40 years in trust administration have prepared me to confidently tackle complex trust structures. I personally oversee this arrangement, making sure it follows all legal rules while maximizing beneficiaries’ benefits.
- Assisting trustees: I offer guidance and practical solutions to trustees, especially those overwhelmed by their responsibilities.
- Interpreting trust documents: I explain complex terms and break down confusing language so everyone knows their rights and responsibilities.
- Overseeing asset distribution: Timely and accurate distribution of assets is vital. I carefully manage this process, following the trust’s instructions and all legal requirements.
Trust administration might seem daunting, but it does not have to be. With my guidance, we can work through each step together. I understand that concerns and questions often arise during this time, and I am here to address them all.
My direct involvement in every step of the trust administration process sets me apart from other attorneys. With me by your side, you can trust that your case will receive my full attention, benefiting from my decades of experience in this field. Remember, you do not have to be alone in this process. Feel free to reach out to my Sacramento office. Let me help you administer your trust with the care and precision it deserves.
What Is Trust Repair?
Clients often come into my office, confused and unhappy, after having a trust prepared by someone else. Those documents, along with over-the-counter trust documents, tend to be unnecessarily long and difficult to understand. In most cases, I can repair the document and make it work, clarifying my client’s intent by adding clear and simple language. I can also verify that the transference of assets is properly completed during the process of establishing the trust. Even if your trust documents are lost or destroyed, I can assist you in replacing them.
In a case where the trustor or trustee becomes incompetent or is unable to discharge duties for some other reason, I will prepare an affidavit of change of trustee, adding a son, daughter or another person as a co-trustee. If requested by your bank, I will also prepare an affidavit of the death of a trustee or any other document required by your financial institution. It has always been my goal to keep my client outside of court and avoid the expense, publicity and delay involved in litigation.
Answers To Your Trust Administration Questions
No two trusts are exactly alike, but the concerns that trustees and beneficiaries bring to the table often share common ground. If you are working through your responsibilities or trying to understand what the process looks like, the questions below can point you in the right direction.
What are the first steps a trustee should take after the settlor dies?
When the creator of the trust passes away, a trustee’s duties begin almost immediately. Here are the key steps to take right away:
- Obtaining certified copies of the death certificate
- Locating and reviewing the trust document
- Notifying the beneficiaries
- Taking an inventory of the trust’s assets
- Making sure all assets are safe and properly managed
- Consulting with a trust administrative attorney
Each of these steps plays an important role in setting the foundation for a smooth administration process. Missing even one of them can create complications down the road, from disputes with beneficiaries to potential legal liability. If you feel unsure about any part of this process, reaching out to an attorney sooner rather than later can give you the clarity and confidence you need to move forward.
What expenses can a trustee legally pay from the trust?
As a trustee, you have the right to use trust funds to cover reasonable and necessary expenses related to managing the trust. These include costs like attorney fees, accounting fees, appraisal fees, property taxes, insurance premiums and any debts the trustor owed at the time of death. You can also pay yourself a reasonable trustee fee for the time and effort you put into administering the trust. However, personal expenses that have nothing to do with the trust are never acceptable charges and misusing trust funds can expose you to serious legal liability.
Can a trustee sell a house held in a trust in California? Do beneficiaries have to agree?
In most cases, a trustee has the legal authority to sell a house held in trust without getting the beneficiaries’ approval – as long as the trust document grants that power. That said, you still need to follow any specific instructions the trustor laid out, since some trusts include restrictions on selling certain properties. The trustee also has to keep beneficiaries informed and act in their best interests every step of the way.
Get A Trust Attorney On Your Side
If you would like to discuss trust administration or have other questions for a lawyer, please contact my firm by calling 916-248-4465 or emailing my Sacramento office to arrange for a consultation.