If you’ve been named a trustee of someone’s estate, the various forms, deadlines, accountings, and other obligations that go along with estate administration can be overwhelming. You have legal duties and obligations to administer the trust according to its terms, comply with formalities, and otherwise satisfy responsibilities you may not even be aware you have. Trustees are personally responsible and often liable for their actions (or their failures to act) as trustees. Your job can be made even more difficult if the trust contains errors due to bad drafting or if it was constructed as a one-size-fits-all document. Under those circumstances, it may be necessary to go to court for instructions or to have the trust revised.
Given all of that, and given the myriad other responsibilities you have in your busy life, a steady, experienced hand to assist you can bring you invaluable peace of mind.
At Yee Law Group, PC, we have extensive experience counseling clients through the nuances of trust administration. Whether the estate is large or small, we welcome the opportunity to help you make sure you are protected as you carry out your trustee responsibilities.
We handle all matters related to estate, trust, and probate administration, including:
- Gathering and settling final debts
- Payment of medical bills
- Coordinating with pension plans and insurers to pay out benefits
- Selling and transferring real estate
- Working with funeral homes to ensure bills are paid
- Preparing state and federal tax returns
- Medicare subrogation
- Administration of veterans’ benefits
- Preparation of accounts
- Attendance at court hearings
- Proving the authenticity of the will or trust
- Interpreting the language and requirements of the will or trust
- Assembling and collecting the assets of the estate and prepare an inventory
- Paying debts and reviewing claims against the estate
- Contesting claims against the estate if appropriate
- Properly distributing assets to heirs
- Preparing and filing the final accounting
- Evaluating and facilitating investment options, standards of distribution, and titling of assets
We work with individuals and families to identify goals, evaluate options, and plot the most efficient strategy for their unique situation. We ensure that the necessary papers are prepared, served, filed, and recorded, and we work with accountants, financial consultants, brokers, tax experts, and other appropriate professionals to ensure that all required reports and tax filings are handled thoroughly and in a timely manner.
Yee Law Group, PC: Sacramento/Roseville Estate & Trust Administration Law Firm
When clients come to Yee Law Group, PC for help with estate and trust administration, we take a personalized, thorough, and meticulous approach that can relieve the burdens and anxiety that can accompany the responsibilities involved in being a trustee. If you have questions or require assistance with estate or trust administration, we can provide responsive, accessible, and plain-spoken counsel.
Why Do I Need a Trust Lawyer?
A trust lawyer in Roseville, California, can help you plan for your future. And even more importantly, the right lawyer can ensure your family is cared for after your death. There are many opportunities for bitter infighting when it comes to dividing an estate, and by having a trust, will (or sometimes both), you can spare your family countless difficulties that can arise during their time of grieving.
If you don’t want your family to argue and fight over your estate after you die, it’s important to get in touch with a trust lawyer to spare them the trouble. Read on to understand more about how trusts and wills can affect your estate after your death.
Wills and Trusts
When there’s no will, there’s no executor, which means the state will name a representative to handle the distribution of your estate. This court-appointed representative is usually a spouse or another immediate family member, but things aren’t always so simple: If you have an ex-wife or ex-husband, they might feel cheated out of your will, and they might take steps to challenge the court’s choice. This is a major point of contention when it comes to estates, even if there is a will. Not everyone can get along, and soon they all end up fighting over everything you’ve built for them.
Of course, even with a will, your estate will also go through probate. This is a long and tedious process that involves notifying all your heirs, inventorying all of your assets, and paying off all your debts (and taxes). By the time your estate finally reaches your selected heirs and beneficiaries, they might only have a fraction of what you left for them.
Unlike a will, a trust cuts out lots of the potential for infighting. A trust requires more active management while you’re alive, but it also means your assets are assigned to individual people and the choices are set in stone once you die. Trusts are also handled by a selected third party, which means no probate problems for your family and friends. While it may take a bit more time and energy to maintain a trust, a trust lawyer in Roseville, CA can ensure your family is able to focus on their grief instead of arguing and fighting over your estate.
A trust requires active management, and proper legal counsel. It’s possible to create a trust by yourself, but not recommended: It’s a complicated process that requires an experienced legal eye that can catch any potential mistakes. Fortunately, Yee Law Group, PC is here to help.
Reach Out to Yee Law Group, PC, Today
At Yee Law Group, we understand the importance of family. We know that you’ve worked hard to build up everything in your estate, and we know that you want to leave a meaningful legacy behind for your loved ones. With the help of an experienced trust lawyer in Roseville, CA, you can ensure your family is able to seamlessly manage your estate, without dealing with any personal problems that might arise in a time of grief.
Wills versus Trusts: 5 FAQs Answered by a Trust Lawyer
When it comes to estate planning, there are two main types of vehicles people tend to focus on – wills and trusts. But what exactly are these two, and which one should you choose? Here are 5 FAQs about wills versus trusts that can help you make an informed decision about what’s best for your family and your own estate plan.
What Is a Will?
Many people are familiar with a will: it’s that legal document which sets forth instructions for how you want your estate distributed after you die. However, what many people don’t realize is that there are multiple kinds of wills, including holographic wills and nuncupative wills. In some states — such as California — wills can even be oral in nature. If you have questions about any of these wills or their nuances, schedule an appointment with an experienced trust lawyer today!
Can I Have Both a Will and a Trust?
Yes, you can create both. However, it’s not recommended because wills and trusts serve different purposes. A will is for distributing your assets when you die. A trust is for managing your assets during your lifetime. So if you have both a will and a trust, one of them (probably your will) might end up being unnecessary — and therefore, worthless. If you have a trust in place, your will would be less important to execute. It should go without saying that it’s best to know what you want before signing any documents or hiring an attorney to draft anything.
Who Should Use a Will Versus a Trust?
There are two different ways you can pass your assets after death — and two different types of documents to do it. In general, wills and trusts are used in different circumstances. If you want to leave all of your assets to one person, or if you want your family to benefit from certain assets immediately after you die, you should use a will. On the other hand, if you don’t have any final wishes for how your estate should be divided and distributed upon your death — or if there is some sensitive issue that would require extra privacy for example — you should consider using a trust instead. There isn’t necessarily one right answer as to which document is better; both trusts and wills have their place depending on what kind of situation an individual or family finds themselves in. An experienced trust lawyer can help you decide.
How Does the Probate Process Work When There Is No Will or Living Trust?
In California, probate is defined as a court-supervised legal process that transfers assets of someone who has died to their beneficiaries. In contrast, an individual whose assets are put into a living trust does not have to go through probate. Probate can be expensive and time-consuming. It also requires that beneficiaries deal with death taxes and government red tape. So if you don’t have a will or living trust, why not avoid probate?
Do I Need an Attorney to Make My Will and/or Living Trust?
If you have accumulated substantial assets, it is wise to consult with an attorney who specializes in estate planning. However, you may not need one if your estate is small and uncomplicated. However, before making that decision on your own you should contact a trust lawyer from Yee Law Group, P.C. as soon as possible for help.
“Mike Yee and his team are amazing. They are fast and efficient, but you don’t feel rushed at all when meeting with them. Mike in particular is extremely patient, knowledgeable and articulate, and made the whole process as pleasant as writing legal documents can be. Highly recommended.”