There are several ways an estate can be structured to provide a complete plan for the individual during their life and after their death. In Yucaipa, CA, a very common way to protect assets for a moderate to large sized estate is to create a trust.
There are many different specialized types of trusts available, and talking to an estate planning attorney is instrumental in choosing the best option based on your specific situation. All of the various types of trusts require the individual taking out the trust (the Settlor) to appoint a trustee. The trustee is the individual who will manage the trust based on the specific conditions of the trust.
After the Settlor’s death, the Trustee is responsible for holding the estate for the beneficiaries of the trust, and sometimes this responsibility may occur earlier, specifically with a living trust.
Working With an Attorney
The Trustee has a lot of responsibilities in his or her role. He or she must ensure that the trust is managed in accordance with all applicable laws and requirements. Should the Trustee make a mistake that devalues the trust, it is possible for the heirs to start legal action against the Trustee.
Working with an experienced trust administration attorney is an easy way to avoid these types of situations. As most people have not served as Trustees and are not familiar with the legal, accounting and tax requirements of the role, the trust administration attorney becomes an invaluable resource throughout the process, which can be lengthy.
In most cases, the trust itself can pay for the services of the trust administration attorney. In Yucaipa, CA, hiring the experts at Betty Auton-Beck Professional Law Corporation ensures the trust is administered to meet all laws governing trusts in the state.
At Betty Auton-Beck Professional Law Corporation, our trust administration attorney in Yucaipa, CA works closely with Trustees at all stages of the trust administration. To learn more, see us online at www.auton-beckbetty.com. You can also visit them on Facebook.