Help with Trust Administration from a Skilled Manhattan Beach Law Office
A family of lawyers ready to help your family
The father-daughter team at The Keller Law Firm knows that protecting your family is your first priority. We handle trusts for many families, allowing them to relax knowing that the future is provided for. We’re ready to talk about your family’s needs.
What is trust administration?
Planning for your estate now will allow for a smoother transition for your family and loved ones when you are gone. Estate planning allows people to create wills to pass on assets and belongings. A trust allows you to control how the funds are managed and allows for them to be dispersed at specific times in the future. A trust allows you to have control over your assets after your death. Trust administration is the legal process of managing the assets in the trust and handling the distribution of the income and assets from the trust.
A trustee is the person or entity responsible for managing the trust. The trustee must:
- Administer the trust according to the terms of the trust
- Control and preserve the assets of the trust, making sure the trust is productive
- Treat the individual beneficiaries (people paid by the trust) impartially and fairly
- Act loyally and in the interest of the beneficiaries
- Avoid conflicts of interest
- Defend against any cases or actions brought against the trust
- Use reasonable care in administering the trust
- Keep the beneficiaries informed about the trust
- Give the beneficiaries notice when changes occur to the legal status of the trust.
The Keller Law Firm handles wills, estate planning, trust drafting, trust administration, trust litigation and comprehensive future planning for your family.
What types of living trusts are available?
Revocable living trusts and irrevocable living trusts are two types of trusts to consider. “Living Trust” simply means that the trust is set up while you are alive. The difference between these two types is:
- A revocable trust allows you to still have control over the assets in the trust during your lifetime, yet the property avoids probate. You may add assets to the trust and change beneficiaries. The assets in the trust are technically still yours and may be accessed for lawsuits, taxes and so on. When you die, the revocable trust becomes irrevocable.
- An irrevocable trust cannot be changed by you during your lifetime. The terms are final. You cannot access or control any of the assets in the trust at any time.
Both types of trusts allow you to avoid probate, which is useful for reducing estate taxes, but also for preserving your privacy (a will is a public document but a trust is private.). The Keller Law Firm helps you weigh all of the alternatives and choose an estate plan that is best for your family.
Discuss trusts with Manhattan Beach lawyers who understand your needs
Our friendly firm is located just a few blocks from the beach. Call The Keller Law Firm at 310-545-1897 or use our online contact form to schedule a consultation at our office.
