Let Philip John Gold Assist You With Your Trust Administration
When discussing the private details of your family's financial situation, you need an estate planning attorney you can trust. When the need for trust administration arises, Philip John Gold is a lawyer with knowledge and experience valued by individuals and families in Newport Beach and throughout Orange Country for more than 30 years.
As a native of Southern California, Philip John Gold has special insight into the lives and goals California citizens. While explaining legal terms in a straightforward manner, he is respectful of your privacy and supportive of your objectives.
Help for All of Your Trust Administration Questions
Most individuals have no experience or knowledge of the steps required to administer the trust after they have been named as the Successor Trustee. Generally, there are several different possible situations:
First Situation
The settlor (person who created the trust) is still living but is unable to continue to act as Trustee because of incapacity, such as an accident, a stroke, Alzheimer's disease or just advanced age.
In this case you are required to act as Trustee and provide for the continued benefit to the settlor. You are generally responsible for collecting income, paying bills, filing tax returns, managing the trust assets including protecting the assets and maximizing income with safe and prudent investments.
Second Situation
The settlor is deceased and the trust must be administered. When the administration is complete, the trust estate is distributed to the named beneficiaries as directed by the trust.
In this case, you have the responsibility of taking control of all the assets, securing appraisals of assets if necessary, paying bills, collecting all monies due the decedent, filing income tax and federal estate tax returns as necessary, liquidating investments, selling the residence and personal property, and doing everything necessary to follow the directions contained in the trust. When administration is complete and the assets are ready for distribution, you as trustee will distribute the assets to the individuals and/or charities and file final tax returns.
Third Situation
The settlor is deceased and the Trust provides that if there are minor beneficiaries or beneficiaries under a certain age, that the trust continues in existence until they reach a specified age.
Depending on the provisions of the Trust, your responsibilities will be identical or similar to those described in the second situation above except that the trust will continue in existence for a longer period of time, requiring continued services by you with the resulting fiduciary duties on your part as Trustee. Upon the beneficiaries attaining the required ages, the trust(s) will terminate and you will make a final distribution.
Fourth Situation
The settlor is deceased and the Trust provides income for life to a beneficiary, but when he or she dies, the trust principal and accrued income passes to a third person or a charity.
You have all the responsibilities described in the examples above, but in addition have the issues of income available for the lifetime beneficiaries and the amount of principal that passes to the remainder beneficiary. You have a duty to be impartial and treat all parties equitably. This can be quite complicated depending on the nature of the assets and the amount of income generated by the assets.
These are just a few examples of the responsibilities you undertake as Trustee. Attorney Philip John Gold has more than 30 years of experience in assisting and guiding clients in the administration of trusts.
Call Today for a Free Initial Consultation.
Contact Philip John Gold, Attorney at Law, for a free initial consultation to discuss your trust administration questions. Our toll-free phone number is 888-763-3296 or you can reach us by e-mail.
