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 liability.
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.