We Are Here To Help You in Times of Need
When a loved one dies it can be a confusing time in which you are in immense grief while also needing to make sure you handle all the technical details of locating assets, paying bills and making sure your loved one’s assets get to the right people, without conflict. We are here to help.
Whether your loved one created a trust to hold their assets, or did not, he or she did have assets (called the estate of the deceased) that must be handled with careful attention and it’s critical that you work with a Personal Family Lawyer® who can help you to do the right thing, minimize conflict and ensure the smoothest possible transition of assets.
When someone creates a trust as part of their estate plan, they must name a trustee to ensure the trust’s terms are handled properly. These individuals must carry out all of the trust’s instructions, and they’re legally responsible for doing so within the scope of federal and state law. Such duties are known as trust administration.
Serving in this capacity entails a huge level of responsibility and liability. What’s more, most people named as trustee will have limited, if any, background or experience in the legal and financial duties that come with administering a trust. In this case, the trust administration lawyers at Hsiao Law can work with the trustee to ensure the trust is administered properly and all legal requirements are satisfied.
If there is no trust or if not all assets have been properly titled in the name of a trust that was created, we can help your family through the process of estate administration, usually requiring a court process, called probate. Amy Hsiao is a Certified Specialist in Estate Planning, Trust and Probate Law, State Bar of California Board of Legal Specialization, and she guides La Jolla families through every step. If you are a beneficiary of an estate, an executor, or a trustee, contact us for support in handling the transition of your loved one’s assets as easily as possible.
Probate or trust administration: what’s the difference?
Trust administration is handled by the trustee, following the trust’s instructions, usually without going to court. Probate is the court-supervised process (for La Jolla families, through the San Diego County Superior Court) used when there is no trust, or when assets were never transferred into the trust. Some families need both. A short call can help you sort out which applies to you.
Don’t wait until you’re overwhelmed
There’s no need to have everything figured out before you call. It often helps to reach out soon after a death, or as soon as you learn you’ve been named executor or trustee, before assets are moved or deadlines pass. On your initial call, we’ll listen to what happened, help you understand whether probate, trust administration, or both may apply, and explain the next steps. Book a call so we can help ease your burden.
TRUST AND ESTATE ADMINISTRATION
As your Personal Family Lawyer, we work closely with the family, beneficiaries, and other advisors to ensure the decedent’s trust assets are collected, debts are paid, and the remaining assets are distributed to the named trust beneficiaries, or to the heirs of the estate. Depending on the type of trust involved, assets may be distributed outright to the named beneficiaries, or they might be held in trust for the future benefit of the named beneficiaries. If there is no trust, assets will either be distributed outright to heirs named in a will, or by statute, or held by a guardian named by the court until an heir reaches the age of majority.
During this time, we may also need to have appraisals of major assets completed in order to get a clear picture of what the decedent’s net worth was for estate tax purposes. Additionally, the title of trust or other estate assets may need to be changed to indicate new ownership by the named beneficiary outright or under a continuing trust.
All of this can be hugely complicated and time-consuming, but our trust and estate administration team works to transfer assets efficiently, resolve outstanding issues, and keep the process on track with the applicable legal deadlines.
Have you recently lost a loved one and are unsure how to proceed with their estate?
Let Hsiao Law assist you during this difficult time, providing compassionate and comprehensive legal support from a trusted probate attorney in La Jolla, CA.
TRUST AND ESTATE ADMINISTRATION SERVICES
- Identification, collection, and determination of values of assets
- Payment of all debts, expenses, and taxes from estate and trust assets, with submission of regular accountings
- Advice as to disposition of jointly held assets, life insurance, and retirement benefits that pass outside a will or trust
- Preparation of state and federal, gift, generation-skipping transfer, and gift tax returns
- Notifying all heirs and beneficiaries of the trust or estate
- Communicating with beneficiaries
Our primary objective is to make this process as easy as possible for you, and minimize the impact of going to court, while also keeping your family out of conflict.
Trust & Estate Administration Lawyers in La Jolla, California
No matter how complex the trust or estate administration process may be, the trust and estate administration lawyers at Hsiao Law will guide you every step of the way. We’ll work closely with personal representatives, executors, beneficiaries, and other fiduciaries to ensure the terms of the trust are carried out properly. At the same time, we’ll make the process as understandable and stress-free as possible for the trustee.
We are here to help you in your role as executor or trustee so that you have the peace of mind that you are performing your duties as California law requires. Book an initial call today to protect yourself from undue risk or liability.
Supporting You During a Difficult Time
Losing a loved one is never easy, and managing their estate can be overwhelming without the help of a skilled probate attorney in La Jolla, CA. At Hsiao Law, we are dedicated to providing compassionate and comprehensive support to help you navigate this challenging time. Contact us today to get started with probate or trust administration and ensure your loved one’s wishes are honored with respect and diligence.