When it comes to administrating a trust, not everybody has the right amount of experience to deal with all that goes into them. Besides having the lack of experience, they also end up having a ton of questions concerning the process. To make the process a lot easier, hiring a California trust administration lawyer will allow you to obtain an experienced attorney who specializes in trusts. They will also be able to help you to avoid probate.
Regardless, even if you don't have probate, you are still required to complete some very important administrative work. Like preparing legal documents, filing tax returns as well as other duties that will take away from your precious time.
With living trusts having been known all throughout history, they are just now becoming more popular throughout the population. The number one reason is the avoidance of probate or the legal process to prove a will as being invalid or valid. Plus, avoiding probate gives you instant access to an inheritance without having to wait for at least a year to complete the process.
Having a lawyer help you will make transferring assets before death a lot easier by avoiding any court procedures that would otherwise be necessary to distribute to beneficiaries after death. So even though administration becomes easier, remember, you will still have to collect the assets that will be managed and distributed including having appraisals made. The big difference is that having a lawyer assist you keeps the matter private and without the court being involved.
Reduced Legal Involvement
Although the court involvement is drastically reduced, the trust doesn't completely avoid any court involvement. The court will get involved when assets are improperly added. A good example of this is when assets that are valued at $100,000 or more are not added to the trust. These assets will require probate for any assets not included in the trust.
Another reason to have a lawyer help administer your trust is to avoid any possible mishandling of the trust and to avoid mistrust among beneficiaries. A California trust administration lawyer will include all parties and their interests.
Having a lawyer will also remove any doubt about certain assets that beneficiaries have questions about. Examples of these surround the selling of real estate or a business. But if beneficiaries do bring up questions, the Trustee can then submit a petition asking for guidance from the court. The court will then give a notice of hearing and a copy of the petition to all beneficiaries. The trust's lawyer will then represent the Trustee in open court. All beneficiaries will then be allowed to be heard. When you go this route, your lawyer may be able to have your beneficiary's ability to complain disallowed if they fail to appear. Having your lawyer submit this petition for you will alleviate any second guessing that may occur. If you begin to sense hostilities coming from beneficiaries, your California trust administration lawyer will be able to have your accountings approved to prevent any future arguments. Call Patton Group for a free consultation.
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