Why Choose Scott D. Fisher, A Professional Law Corporation
Trust administration carries serious legal responsibilities, and mistakes can lead to personal liability, family conflict, or costly litigation. At Scott D. Fisher, A Professional Law Corporation, we provide clear, reliable guidance to Successor Trustees and trust beneficiaries throughout Los Angeles and Southern California.
With more than 30 years of experience, Attorney Scott D. Fisher helps clients understand their duties, comply with California trust law, and move through the administration process efficiently and correctly. Our goal is to reduce stress, avoid disputes when possible, and protect your legal and financial interests at every stage.
Why People Include Trusts In Estate Plans
A trust is a legal arrangement that allows a trustee to hold and manage assets for designated beneficiaries according to specific instructions. Trusts are commonly used in estate planning because they provide greater control, privacy, and efficiency than relying on a will alone.
Clients often choose trusts because they can:
- Avoid the time and expense of probate
- Allow beneficiaries faster access to assets
- Maintain privacy, since trusts are not public court records
- Control how and when assets are distributed
- Reduce potential estate tax exposure in certain situations
While assets can be left to loved ones through a will, doing so typically requires probate, which can delay distribution and increase costs. Trust-based planning often allows estates to be administered more smoothly.
What Are The Legal Responsibilities Of Trustees?
While Trusts eliminate the formal procedure and substantial delay associated with probate administration, Successor Trustees are bound by certain laws, procedural guidelines and time deadlines to carry out their Trust administration responsibilities. Upon the death of the Trustor (the person who established the Trust), the Successor Trustee must prepare various legal documents, timely file proper tax returns, prepare and serve formal Trust accountings upon the beneficiaries and coordinate the formal transfer of assets to the Trust beneficiaries.
These tasks are typically completed within a specified time period. While a Successor Trustee has a direct and personal responsibility to complete these tasks, it is recommended that Successor Trustees seek legal guidance from an experienced Trust administration attorney in order to properly fulfill their duties and obligations, and to confirm compliance with operative law that governs the Trust administration process.
Immediately following the death of the Trustor/owner of the Trust assets, the following responsibilities of a Successor Trustee will come into effect:
- Sending a formal notice to each beneficiary/heir shortly after the Trustor’s death, and that includes specific notices and warnings to the recipients of this notice
- Collecting, managing, investing and distributing assets appropriately
- Paying routine administration expenses out of the trust estate (i.e., taxes, accountant’s and attorney’s fees)
- Keeping all Trust beneficiaries informed of the Trust administration process
- Tracking the Successor Trustee’s time for payment of his/her reasonable trustee’s fees
- Preparing and serving formal Trust accountings upon the Trust beneficiaries
Reliable Trust Litigation Services
The Trust administration process, and the distribution of Trust assets, can result in contentious legal battles if one party feels that s/he has been deprived of his/her inheritance, or was otherwise treated unfairly. If you are a Successor Trustee or Trust beneficiary and you need legal representation to resolve a serious Trust dispute, please contact Scott D. Fisher, A Professional Law Corporation today in order to permit this experienced law firm to analyze and assess the Trust dispute, and to devise an effective legal strategy designed to protect your best interests.
We provide legal services for the following trust litigation matters on behalf of clients in Los Angeles and throughout all of Southern California:
- Breach of Fiduciary Duty
Trusts Established Through Undue Influence, Duress, Coercion Or Mistake
- Trust Document Forgery
- Lack of Mental Capacity to Execute a Trust
Contact Us for a Free Trust Administration Consultation
Scott D. Fisher has been helping clients to successfully understand, assume and complete their trust responsibilities for more than 30 years. We understand how stressful and challenging that it can be to assume the Successor Trustee position, and to comply with the required duties and obligations. We are available to provide you with superior and practical legal advice at every step during the Trust administration process.
FAQs
Do Successor Trustees get paid for administering a trust?
Yes. Successor Trustees are generally entitled to reasonable compensation for their time and services, unless the trust document states otherwise. Trustee fees must be documented and are subject to beneficiary review.
How long does trust administration take in California?
The timeline depends on the complexity of the trust, the types of assets involved, tax issues, and whether disputes arise. Some trusts can be administered within months, while others may take a year or longer.
Are trusts required to file tax returns?
In many cases, yes. Trusts may need to file income tax returns and, depending on the situation, estate tax returns. Failure to meet tax obligations can expose trustees to penalties and personal liability.