Here’s a central reality regarding trust administration in California and across the United States: Individuals who establish trust vehicles (such persons are often termed trustors or settlers) as planning tools intended to benefit others often appoint trust administrators without sufficiently considering their estate-related acumen and ability to properly manage the trust.
And that can be — in fact, it often is — a down-the-road problem of real magnitude.
The reasons why are clear and myriad. Foremost, and as we note on a relevant page of our estate planning and tax law website at the San Francisco County Law Offices of Connie Yi, PC, “Trusts can be complex.”
Indeed, they often are, with a fundamental reason being that trust creators often have very specific financial and tax-related objectives in mind that they want to see implemented both presently and in the future.
That of course implies — in fact, demands — studied oversight of a trust and the tandem ability of an administrator to understand and apply interrelated tax and estate laws.
How many people casually named as trust administrators possess those attributes?
Our law firm assists trust administrators seeking to do their jobs competently and with due regard for a trustor’s intent when he or she set up a trust, with our guidance and representation being grounded in years of on-point experience.
Among other things, we help manage trust assets; apply sound tax strategies to promote trust objectives; buy and sell trust assets; pay trust debts; distribute assets to beneficiaries; and diligently promote trust interests in matters involving tax authorities and investigations.
Our principal attorney brings broad-based credentials to clients as a trust adviser, being both a long-tenured estate lawyer and a certified public accountant.
We welcome readers’ questions regarding trust administration, as well as the opportunity to diligently serve trust administrators.