Northridge Trust Administration Lawyer
Administering a trust is no easy task, and Law Offices of Darrell C. Harriman has offered dependable guidance to clients since 1980. As a Northridge trust administration lawyer, I understandswhat’s necessary to fulfill the fiduciary duties of a trustee and ensure that your trust is kept in compliance with both state law and your own wishes. I am here to help you navigate the intricacies of trust management with confidence and peace of mind.
Call (818) 892-7093 or contact me online today to schedule a free case evaluation.
Administering a Trust
The tasks involved with running a trust are wide-ranging and call for diverse knowledge in everything from law to finance to basic management skills. This work includes:
- Asset management: I oversee the management of trust assets, seeking to invest them prudently and in a manner that aligns with the trust’s objectives. I monitor asset performance, aiming to keep the trust fund growing.
- Record-keeping: Maintaining accurate and detailed records is a crucial task. I document all transactions, expenses, income, distributions, and communications related to the trust, providing a clear audit trail for transparency and compliance purposes.
- Beneficiary communication: Communicating with beneficiaries is a key responsibility. I seek to explain complex trust matters in accessible language, address beneficiary concerns or inquiries promptly, and make sure that beneficiaries understand their rights.
- Tax filings: I’ll take care of tax filings for the trust, ensuring compliance with state and federal tax laws. I prepare and submits required tax documents, calculates tax liabilities, and optimizes tax strategies.
- Legal compliance: I stay current on legal changes, review trust documents for compliance, and advise on needed adjustments to keep the trust operating within the law.
- Distribution management: Managing trust distributions involves determining when and how beneficiaries receive their entitled shares. I oversee distribution schedules, facilitate payments, and make sure distributions align with the trust’s terms.
- Documentation review: Reviewing and analyzing trust documents is essential. They need to be accurate and in alignment with the grantor’s intentions.
Practicing since 1980, I have been deeply committed to helping you navigate your legal needs. Call (818) 892-7093 to get started or click below to read more.
Types of Trusts
Trusts can be structured in many different ways. The best option is the one that fits your specific needs and desires. I will take the time to listen to your concerns and help customize a plan that’s right for you.
Generally speaking, the most common trusts fall into one of these categories:
Revocable Living Trusts
Revocable living trusts offer flexibility and control during the grantor’s lifetime, allowing assets to pass to beneficiaries without undergoing probate upon the grantor’s death. Establishing a revocable living trust can provide privacy, continuity of asset management, and efficient estate distribution.
Irrevocable Trusts
Irrevocable trusts offer asset protection, estate tax benefits, and wealth preservation by transferring ownership of assets to the trust, thereby shielding them from creditors. They can also be utilized for charitable purposes, Medicaid planning, and minimizing estate tax liabilities.
Special Needs Trusts
Special needs trusts are designed to protect the assets of people with disabilities while preserving their eligibility for government benefits.
Personalized Service You Can Rely On
At Law Offices of Darrell C. Harriman, I prioritize open, sincere communication that keeps you informed and involved at every step of the process. When you work with my office, you benefit from direct contact with an experienced attorney who will listen to your concerns, address your questions, and guide you through the complexities of trust management with knowledge and wisdom.
From my Northridge office, I serve clients throughout Los Angeles, in all of the San Fernando Valley, and here in southern California. Call (818) 892-7093 today.