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Trust Administration

Coachella Valley Attorney Provides Diligent Trust Administration

Professional oversight to aid trustees in asset management and distribution

Trust administration involves oversight and management of the assets held within a trust according to its terms.  A trustee is obligated to distribute the trust’s assets to designated beneficiaries when it becomes irrevocable. This can occur when the last trust creator dies. Once the trust becomes irrevocable, administration begins and runs until all assets are distributed. A trustee has the highest legal obligation to protect and conserve the trust’s assets and follow the trust’s terms precisely so that the interests of the beneficiaries are protected. Our highly experienced attorney at the Bochnewich Law Offices provides the professional guidance that is essential in trust administration matters.

Skilled counselor protecting and distributing trust property

The complexities of trust administration vary with the nature, size and scope of the trust. Issues that we frequently assist trustees with include:

  • Locating incomplete assets — If an item named in the trust is not apparent, we have the experience and ability to track it down.
  • Communicating with key parties — We ensure that clear financial accountings and other vital information get to all required parties.
  • Engaging appropriate professionals — When accountants or other experts are necessary to safeguard trust assets, we will retain professionals as needed to perform these duties.

For these and all other trust administration services, Bochnewich Law Offices is dedicated to prompt and lawful legal support.

Creating QTIP trusts granting spouses use of property during their lives

Married people who wish to place conditions on assets left to a spouse might opt for a Qualified Terminable Interest Property, or QTIP, trust. Bochnewich Law Offices can help either spouse establish a QTIP trust, which allow spouses use of property and trust income for the rest of their lives. Following the second spouse’s death, the property in trust is then distributed pursuant to the trust terms set by the first spouse. Some individuals with more than one marriage dispose of their property in this manner to leave something to both spouses.

Helping families avoid probate through establishment of living trusts

Living trusts can be effective instruments for those who wish to transfer what they own after they die while saving their families the time and expense of probate. We can help you form a trust where you serve as trustee, allowing you to maintain full control of the property. You can name one or more beneficiaries to receive the included assets upon your death.

Advising on generation-skipping trusts as part of tax planning

Grandparents whose estate might be subject to taxation sometimes consider generation-skipping trusts. In this arrangement, assets placed into trust are not recovered by the decedent’s children, but skip ahead to the grandchildren’s generation, removing them from estate taxation up to the 2016 exemption of $5.45 million. If you’re planning an estate that might be subject to taxation, we can advise you about creating a generation-skipping trust.

Ensuring fiduciary duties are satisfied with correct preparation of accountings

Trustees are legally bound to honor the terms of the trust instrument. Even an innocent mistake can lead to violation of the trust’s mandate and potential litigation. Bochnewich Law Offices helps marshal all of the trust’s assets and can administer a professional accounting of each transaction associated with the trust.

Contact a Coachella Valley trust administration law firm for a free consultation

Bochnewich Law Offices assists clients with trust administration throughout Southern California. Call 760-776-1377 or contact us online to schedule a free initial consultation at our office in Palm Desert.

 

 

Our Office
  • Palm Desert Office
    43100 Cook Street
    Suite 203
    Palm Desert, California 92211
    Phone: 760-776-1377
    Fax: 760-776-1380
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