Trust Administration

San Francisco Trust Administration Attorney

Trusts serve many purposes. However, for many, a trust is used to minimize the expense, time, and strain of the probate process. While a properly created and funded trust may enable a family to avoid probate, it is still necessary to carry out the terms of the trust through trust administration. At the Hardin Law Offices, we help families, individuals, and trustees through all aspects of trust administration.

Trust administration involves management of assets in a trust as well as carrying out the terms of the trust. At Hardin Law Offices, we help newly appointed trustees understand their duties and guide them through the intricacies of trust administration. The trust administration process involves:

• Notice to Beneficiaries: Living trusts are established during the creator's lifetime. Assets are kept in a living trust to avoid the probate process when the individual dies. When a trust becomes irrevocable upon the creator’s death, the trustee must give the creator’s heirs and all trust beneficiaries certain statutorily required notices. We counsel newly appointed trustees on the statutory notice requirements and deadlines and prepare all notices to ensure that the trustee properly complies with the law.
• Assessment of trust inventory: Upon the creator's death, we help the trustee identify and collect all assets within the trust. When necessary, we obtain property valuations and appraisals to determine an accurate value for each asset.
• Creating, Funding and Administering Sub-Trusts. Upon the creator’s death, it may be necessary to split the trust into sub-trusts, such as a bypass or credit shelter trust (often called an “AB Trust”). The trustee’s failure to properly and timely create and fund such sub-trusts can result in significant estate taxes consequences. We help the trustee establish the sub-trusts, allocate and distribute assets to each sub-trust, and ensure proper administration of the trusts.
• Trust accounting: After paying the decedent's remaining debts, establishing sub-trusts, and filing relevant state and federal estate taxes, we assist trustees to prepare a trust accounting and provide copies of the accounting to appropriate individuals. We also ensure that the trustee complies with the statutory annual accounting requirements.
• Continued asset/trust management: A trustees' duties will continue long after the initial trust administration. In addition to facilitating regular accountings and the preparation of fiduciary tax returns, we assist trustees in the management of trust assets. We advise trustees on permissible investment strategies that enable trust assets to grow while also providing the beneficiary with regular income or benefits.

At the Hardin Law Offices, we work hard to simplify the trust and estate administration process for our clients. We have comprehensive knowledge of California laws and of the trust administration procedures. We educate our clients so that they feel confident in the process and our ability to guide them.

To learn more about our trust administration services, or to schedule a free consultation with Attorney Shannon L. Hardin, call our San Francisco or Walnut Creek law office today.