Helping Trust Administrators Uphold Their Duties
When a loved one names you as their trust administrator, this is a great honor but also a tremendous responsibility. Because dealing with trusts can be so complicated, it is crucial to have our trust administration attorney in Laguna Woods by your side. Giammichele Law, APC can make sure that you have minimal stress during this difficult time.
Duties of the Trust Administrator
Trust administrators, or trustees, manage the distribution of assets in a trust There are certain key responsibilities which you are required to uphold, no matter how situations might change.
Some of the core duties of a trustee include:
- The responsibility of loyalty, meaning that you must continually place the beneficiaries' best interests as a top priority
- The responsibility of disclosure, demonstrating that you will keep the gathered facts and information about the trust open to the beneficiaries
- The quality of impartiality, meaning that you as the trustee will not show any favoritism to one beneficiary
- The dedication to defend and enforce claims, so long as these claims are logical and reasonable; this includes claims where the trust might be negatively affected in the long run
A trustee has no margin for error when it comes to enacting the wishes of the deceased in the weeks following their death. Completing such tasks carelessly or incorrectly could have long-lasting consequences affecting many people. Not only could there be a lengthy and exhausting probate process resulting from mistakes, but you might also be at risk of litigation and liability.
Guiding You Through the Administration Process
There are many distinct tasks which fall to the administrator to perform. Especially in the days immediately after your loved one's death, the number of responsibilities can seem endless. Fortunately, you are not alone but have a dedicated team ready to help out with any of these issues.
Some of the steps we can take include to make sure the deceased person's wishes are fulfilled include making sure that the entirety of property and assets have been identified and then distributed. All debts must be accounted for and repaid. In addition, assets that are jointly held, or trusts to many multiple family members and beneficiaries, must be properly allocated.
How an Experienced Attorney Can Help
Our skilled trust administration lawyer in Laguna Woods is ready to make the whole process run more effectively and smoothly. Here at Giammichele Law, APC, we have a deep understanding of trust laws that enables us to clearly break down your roles and responsibilities in a way that you will not be overwhelmed by any fiduciary duties.