Trust Administration Lawyer in Los Angeles, CA
The loss of a family member can be an emotionally and financially challenging event with a number of important affairs to address in the aftermath. We extend our deepest condolences. Perhaps you’ve been appointed to oversee the administration of an estate and serve in the vital role of trustee. If so, there are several duties that you’ve been entrusted to perform. Below is a partial list of the duties and responsibilities commonly required of trustees of an estate:
- Submit application for federal tax identification
- Obtaining death certificates
- Preparation of death valuation letters and appraisal of assets
- Closing the decedent’s bank accounts
- Establishment of the estate’s bank accounts
- Change of mailing addresses
- Transferring trust assets
- Communication with creditors and debt settlement
- Properly insuring trust assets
- Finalizing the decedent’s tax affairs
- All other affairs in accordance with state and federal laws
Each estate is unique and must be properly assessed to determine the work required to lawfully satisfy its administration. Moreover, each trustee must be mindful of personal liability, tax issues, potential litigation, and highly emotional family disputes. Without proper guidance, the management of these duties may quickly become overwhelming and complicated.
Legacy One Law firm can assist you with all matters pertaining to trust administration and help avoid costly delays and potentially disastrous financial consequences. We will work closely with your family’s current financial advisers and professionals to ensure the successful management of the estate’s affairs in accordance to California law and the decedent’s wishes.