Alameda County Trust Administration Attorneys

Assisting Clients With Trust Administration Matters in California

Establishing a trust is often the most consequential estate planning decision a person will make in their lifetime. As a result, the administration of a trust, whether the settlor is living or not, is a significant responsibility. At Randick O’Dea Tooliatos Vermont & Sargent, our trust attorneys work closely with estate trustees to help them successfully administer trusts and avoid legal disputes. Call our law office in Alameda County to learn more about our trust administration services.

If you are not sure that you can benefit from a trust, feel free to ask our trust administration attorneys in Alameda County. Give our Castro office (510) 344-2599 or Pleasanton Valley office (925) 460-3700 a call to request a case evaluation today.

Why Do People Include Trusts in Their Estate Plans?

Trusts are the cornerstones of a comprehensive estate plan. While a trust acts similarly to a will, the process is often more private and can help beneficiaries of the estate avoid the stress that is associated with the probate process. Trusts can also help minimize any future family conflicts, protect assets, and maintain eligibility for certain types of benefits. Although many people believe that establishing a trust is only something for the very wealthy, in reality, even people of relatively modest means can often benefit from including trusts in their estate plans.

What Are the Legal Responsibilities of a Trustee?

Designated trustees owe the beneficiaries of the trust a fiduciary duty, which is the highest legal duty. When a settlor designates a successor trustee, they expect the trustee will properly manage and distribute the trust assets in accordance with their wishes set out in the trust document. This includes being unbiased, not self­-serving, and making reasonable decisions regarding the management of the trust.

Some duties of a trustee include:

• Managing investments
• Paying necessary taxes
• Keeping accounting records
• Keeping trust beneficiaries informed
• Distributing trust assets as instructed

While many trustees may mean well, they may not have the time, knowledge, or ability to complete all the necessary estate duties as a trust attorney would. If beneficiaries believe that a trustee is not doing their duties, is making poor decisions, or has breached the fiduciary duty, they can take legal action against the trustee.

What is a Living Trust on a House?

A living trust is a legal document that allows a person (the grantor or trustor) to transfer ownership of their property, such as a house, into the trust while they are still alive. The trust is managed by a trustee, who is responsible for overseeing the property and ensuring that it is used for the benefit of the beneficiaries named in the trust.

• Ownership Transfer: When the grantor establishes a living trust, they transfer the ownership of the house into the trust and they become the trustee and a beneficiary at the same time. The trust becomes the legal owner of the house and the grantor can continue to live in the house and use it as they would if they still owned it.
• Avoiding Probate: One of the main benefits of a living trust is that it can avoid probate, which is the legal process of distributing a person's assets after they die. Because the house is owned by the trust, it does not need to go through probate, which can save time and money for the beneficiaries. Additionally, a living trust can also provide privacy, as the details of the trust and its assets are not part of the public record like a will.

How Our Trust Administration Attorneys Can Help You

Administering a trust is more than just a legal obligation; it’s a fiduciary responsibility that requires a meticulous approach. Our Alameda County trust administration attorneys at Randick O’Dea Tooliatos Vermont & Sargent are committed to helping trustees fulfill their duties efficiently and effectively while protecting their interests and those of the beneficiaries. Here's how we can assist you:

• Legal Guidance: We help trustees understand and comply with their legal obligations, reducing the risk of errors and potential disputes.
• Asset Management Support: We advise trustees on managing and investing trust assets to ensure that the trust is distributed in the best interests of the beneficiaries.
• Preparation of Accountings: We assist in the preparation of detailed trust accountings that comply with legal requirements and provide clarity to beneficiaries.
• Dispute Resolution: We are skilled at resolving disputes that may arise during the trust administration process, whether through negotiation, mediation, or litigation.
• Tax Assistance: We ensure that all tax obligations related to the trust are met, helping to minimize tax liabilities and avoid penalties.
• Modification and Termination Assistance: If circumstances require a change to the trust, we guide trustees and beneficiaries through the legal process of modifying or terminating the trust.

Contact Our Alameda County Trust Administration Attorneys Today

Our law firm in Alameda County is known for providing legal services that are efficient and attentive to the unique needs of our clients. We are committed to helping trustees navigate the often complicated process of trust administration, which is why we proudly offer effective and solution-oriented legal representation and counsel.

To schedule a consultation with our Alameda County trust administration lawyers, please call our Castro office (510) 344-2599 or Pleasanton Valley office (925) 460-3700 or contact us online today.