Experienced Attorneys Provide Trust and Probate Administration Services Throughout Northern California
Reliable advice and prudent management of fiduciary responsibilities
Once a grantor establishes a trust, someone must administer it. Under certain circumstances, the grantor can handle the necessary tasks. But, since most trusts are designed to free the grantor from responsibilities in the event of old age or incapacity, and to transfer assets after death, another individual must eventually serve. At Loew Law Group, a Professional Law Corporation, we advise fiduciaries on their trust administration duties, including notice and distributions to beneficiaries, prudent investment of assets, management of assets and preparation of accountings, and the filing of taxes.
Legal guidance on administration for a variety of trusts
A comprehensive estate plan may contain several trusts, but each requires separate administration. Common trusts in California include:
- Revocable Living trusts — This trust holds and manages your property, which you can enjoy, then passes the property to your heirs upon your death. This trust is revocable, so you retain full control and can modify or dissolve the trust whenever you like.
- Bypass or Credit Shelter trusts — These are important instruments for people whose estate may be large enough to trigger federal estate tax. By creating a family trust to hold a portion of the estate, you can reduce the size of your overall estate so the remainder is below the limit for federal estate tax.
- Qualified terminable interest property (QTIP) — People in a second marriage often use this trust to ensure their children from a first marriage eventually inherit. When the grantor dies, the trust pays the spouse income. When the spouse dies, the remaining assets pass to the grantor’s children.
- Spendthrift trusts — A spendthrift provision helps protect a beneficiary’s distribution from creditors. The trustee may delay distribution until the beneficiary, often a child of the trustor, reaches a certain age, at which time a full or partial distribution may be made. In the meantime, the trustee retains the power to make distributions for the beneficiary’s health, education, maintenance and support.
- Special needs trusts — The trust holds funds for the benefit of a disabled person. Beneficiaries receive an income, but not enough to disqualify them from SSI and other public benefits.
- Charitable trusts — Grantors can create entities to hold assets for and distribute funds to different organizations that support their favorite causes.
Our attorneys can explain the different types of trusts available to you and help you choose the right approach for your situation.
Contact our attorneys for answers on trust administration
A trust can only achieve its grantor’s objectives when a capable and ethical person manages its assets. Loew Law Group, a Professional Law Corporation, offers reliable advice to fiduciaries charged with trust administration and provides trust administration services at our clients’ request. To schedule a free thirty-minute consultation, call us today at 650.397.8700 or contact our office online.