Selecting the Right Trust Administration Attorney in California
Contrary to popular belief, California trust management is a complex process. Therefore, you might want to consider other candidates besides a close family member or your best friend when determining who to name as your trust administrator.
California trust administration attorney frequently discover that reviewing the fundamental requirements for a trust administrator is the best place to start. Then you can consider your list of family members and friends and pick someone whose character and financial acumen make them the best choice for the position.
Being trustworthy is among the most crucial prerequisites to meet. Given that an administrator will have access to all of your financial information and be in charge of managing your estate after your death, this is a necessary need.
You should have peace of mind knowing that your administrator will handle the distribution of your assets and management of your affairs in the manner that you have specified, as opposed to exploiting the estate’s assets as if they were their own personal bank account. Thankfully, there are several regulations designed to prevent this kind of financial exploitation, but it still happens and it can be challenging to recoup an estate’s assets after the person has passed away.
Another quality a trust administrator should have is fairness. You’ll want your beneficiaries to be treated fairly and equally throughout the administration process. You don’t want to find yourself in a situation where the person you nominated distributes your assets in a way that favors particular family members.
Loyalty, both to the trust and to the heirs, is another quality of a competent trust administrator. S/he is, in a sense, the custodian of the last wishes, and part of their responsibility is to make sure that these wishes are carried out in accordance with the terms of the will or trust.
Finally, because feelings might be very intense among the heirs after a loved one passes away, you’ll want to find an administrator who can remain composed under pressure. When everyone feels they should receive a favorite gravy boat, the situation might become epic.
Sometimes avaricious beneficiaries think their portion is inadequate. In other instances, the heirs believe they should receive their money right away, either not understanding, or not caring, that liens, debts, and other matters must be resolved before any funds may be transferred. When disputes arise over the provisions of the trust, tempers may flare, and your trust administrator should be ready to maintain order.
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