Trust Administration Services Orange County
Without a well thought out and legally sound Trust Agreement, your family could be torn apart. Burris Law helps ensure your legacy transitions seamlessly, and with a lot less stress for your Trustee, those you love, and your beneficiaries.
What is a Trust?
A Trust is an agreement where a third-party (or Trustee) keeps track of and manages assets on behalf of a beneficiary. This involves a wide range of tasks—from gathering assets and paying debts, to distributing assets to beneficiaries, and potentially filing tax returns. This is a process triggered by specific events like the death or incapacity of the Trustor (the person who created the trust). A Trust is an effective tool to avoid going to probate court, which can help preserve the value of the Trust and its assets that will eventually be distributed to your beneficiaries.
A Trustee’s responsibility is to ensure that the assets in a Trust are managed appropriately and that the terms of the Trust are met according to your wishes. Serving as a Trustee is a big responsibility, and this role can be stressful since it requires financial duties be carried out in compliance with a trustee’s fiduciary duties.
Burris Law’s Principal Attorney Ariana Burris has over a decade of trust administration experience. She possesses a deep understanding of a Trustee’s duties, and she advises Trustees on how to properly administrator a Trust. Ariana works closely with clients to fully understand their needs, and she provides reliable guidance to ensure that all Trust assets are managed and distributed properly in accordance with the terms of the Trust. Ariana’s experience helps protect a Trustee from personal liability for failure (intentional or unintentionally) to properly administer the Trust.
How We Help With Trust Administration
Notification of Beneficiaries and Heirs
Our knowledgeable attorneys ensure that all required notices are properly sent to beneficiaries (and heirs) at the outset of the trust administration process. We are extremely proactive when advocating for our clients and making sure trust requirements and deadlines are met.
Asset Identification and Collection
Our team assists in locating, identifying, and collecting all assets that are held in the Trust. We are very detailed in our approach to ensure all assets are accounted for and that your instructions for those assets are dealt with according to your instructions.
Asset Valuation
We help determine the fair market value of assets held by the Trust, which is essential for proper distribution and tax reporting.
Payment of Debts, Expenses, and Taxes
We work with trustees to settle outstanding debts, pay necessary expenses, and ensure all tax obligations associated with the trust are satisfied.
Trust Accounting
We prepare a formal trust accounting to ensure that all financial activity is clearly documented for beneficiary review.
Guidance on Non-Trust Assets
Our attorneys provide direction on how to handle life insurance policies, jointly owned assets, and retirement accounts that may not be directly held in the trust but still require attention.
Beneficiary Communication
We help maintain open and transparent communication with beneficiaries to minimize misunderstandings and ensure a smooth administration process.
Real Property Assistance
If the trust includes real estate, we assist trustees with the legal and practical steps required to sell property in accordance with the Trust terms. We can also assist clients with an inter-family sale or buyout of real property in order to preserve Prop 13 tax base.
Types of Trusts
Revocable Living Trust
Trusts that are created by and controlled by the same person, often called a Settlor or Grantor. These trusts can be changed over time to accurately reflect the goals of the Grantor.
Irrevocable Trust
Trusts that are created by one or several individuals but controlled by a third party Trustee. These types of trusts cannot be altered or changed in any way. They are often used in advanced estate planning to shield assets from federal estate tax and to direct the disposition of a federally taxable estate. Some of the most common are:
Credit Shelter Trusts
Also known as a Bypass Trust, this is a common trust created by married couples to take advantage of a concept known as portability, where the surviving spouse can fund an irrevocable trust with the assets of the deceased spouse up to the federal exemption amount.
Life Insurance Trust
A trust wherein a life insurance policy is owned by a trust, and the proceeds are paid to the trust upon the insured’s death. Holding a life insurance policy in this type of trust is another technique to remove assets from a taxable estate.
Charitable Trusts
A tax-exempt trust that provides income to the beneficiary for a specified term, after which the assets are donated to a charity. This type of trust, commonly known as a Charitable Remainder Trust, is an excellent way to achieve charitable goals and advanced planning goals.
Explore Services
Rest easier knowing you count on Burris Law’s decades of experience in structuring special needs trusts.
For those with loved ones who have special needs, having a well thought out and legally binding Trust is of paramount importance. Without a well-structured and legally-binding Trust, your loved one’s current government benefits could be at risk. With nearly two decades of working successfully with Special Needs Trusts, we’re well-equipped to structure them so that critical benefits are protected in the way that best supports the vulnerable beneficiary.
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You’ve worked hard to build your assets, net worth, and investments. We’re here to help you protect what you’ve built and your legacy. Reach out to us, as we’re just a call or email away.
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Burris Law is a highly regarded law practice headquartered in Orange County, with offices in Ventura. For over two decades, the firm has specialized in probate, trust administration, estate planning, real estate law, and business law. Our firm proudly serves clients throughout Orange County including Irvine, Newport Beach, Anaheim, Huntington Beach, Costa Mesa, and throughout Orange County.
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