Trust Administration Attorneys in Irvine
Helping You Fulfill Your Fiduciary Duties in Orange County
When someone establishes a trust, they typically name a relative or someone else they trust as the trustee. This is far from a symbolic role. Trustees have a fiduciary duty to the trust’s beneficiaries to ensure that the estate property held in the trust is properly managed and administered for their benefit.
With the fiduciary duty comes all sorts of responsibilities and tasks that the trustee must perform to ensure the trust is properly administered.
This is a complicated process that poses significant liability risks to the trustee. Bradley R. Kirk & Associates, Inc. can provide oversight and services to assist with the trust administration process.
By having us guide you through the complicated legal tasks you’ll be required to accomplish, you can move through the process more quickly, more confidently, and with less risk of making missteps that can result in a lawsuit against you.
What Is a Trustee’s Role During Administration?
A Trustee’s job is time-consuming and complex. Trustees need an experienced attorney who can provide guidance and protection.
As a trustee, your role in administration will include important duties, such as the following:
- Obtain the deceased’s death certificate
- Notify the Social Security Administration and Department of Health of the death
- Identify and notify beneficiaries of the trust
- Inventory and appraise all property belonging to the trust
- Ensure proper management of trust property and investments for the beneficiary’s benefit
- Obtain a Taxpayer Identification Number for the estate
- Transfer property of the trust to your name as trustee
- Develop a record-keeping system
- Notify creditors of the deceased and pay all valid debts
- Distribute remaining assets in the trust to the beneficiaries
Yet, this list is a simplified explanation of the reality of what it’s like to be a trustee administering a Trust. Because you have a fiduciary duty to protect the property of the Trust for its beneficiaries, you are at risk of a lawsuit should you make a mistake or if a beneficiary believes you are engaging in self-dealing or other inappropriate activities.
Getting competent legal representation is essential in mitigating many of the risks that you face in acting as Trustee of a Trust. Bradley R. Kirk & Associates, Inc. has more than 50 years of combined experience assisting clients with these matters.
For all legal matters involving trust administration, reach out to Bradley R. Kirk & Associates, Inc. Our attorneys are dedicated legal advocates for our clients, supplying each with high-quality advice and services that can help them properly administer a trust and lower their risk of making a mistake or having a conflict with beneficiaries.
If you are interested in learning more about what we can do for you, take advantage of a no-charge initial consultation with us to find out how we can help. During this meeting, you’ll have an opportunity to pose questions about how we can handle your situation and how we can offer guidance and services to help you as a trustee.
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