Trust administration is a detailed process that involves numerous steps.
Properly administering a trust requires diligence, skill and a high level
of organization. Missteps can potentially expose the trustee to personal
Fiduciary Duties Of Trustees
As fiduciaries, trustees have weighty responsibilities. They must carry
out the terms of the trust with rigorous precision. Trustees must also
comply with numerous legal requirements. For example, they must:
- Identify, transfer and prudently manage trust assets
- Obtain appraisals for real property and other assets of uncertain value
- Serve the correct notices on beneficiaries, creditors and other interested parties
- Establish and properly fund sub-trusts, if the original trust document
provides for them
- Prepare and file tax returns for the trust
Trustees must discharge these duties with the same meticulous level of
care that they would apply to their own assets. This demanding standard
can be daunting.
Experience, Precision And Diligence
Administering a trust can quickly become a complicated endeavor, particularly
when high-value assets are at stake such as real property, individual
retirement accounts (IRAs), 401(k)s, business interests and investments.
At David Lee Rice, A Professional Law Corporation, our trust administration
lawyers provide detailed legal counsel for trustees.
With decades of experience, our legal team is well-versed in the intricacies
of complex high-asset trust administration. We routinely handle trust
administration for multimillion-dollar estates. Our attorneys apply the
same exacting level of diligence, precision and professionalism to every
trust matter, regardless of its size or monetary value.
At David Lee Rice, APLC, clients are at the heart of our practice. We prioritize
individual attention and prompt, responsive service.
How Our Complementary Practice Areas Benefit Clients
Tax guidance is an integral component of thorough trust administration.
For example, division of a trust into sub-trusts must be carefully executed
to preserve critical tax advantages.
Our firm houses a renowned tax practice that serves as a valuable resource
for trust administration clients. Should disputes arise among beneficiaries
or allegations of fiduciary breaches surface, our legal team is readily
prepared to handle trust litigation. These various separate yet related
areas of practice strengthen our ability to provide comprehensive guidance
that fully addresses clients' needs.
We invite you to learn more about our trust administration services by
contacting us online or by phone at 310-517-8600 . Based in Torrance, our lawyers serve clients
throughout Southern California.