Experienced Encinitas attorneys protecting your assets and your family
The experienced trust administration lawyers of Susan Stricklin Wilson help people create trusts to ensure that their assets are properly managed and held for the future use of their family members or designated beneficiaries. The assets held by a trust can be used to pay for necessary medical, educational and health-related expenses for the trust’s beneficiaries. Because a trust is designed to exist for a certain period of time, the courts require that a trustee is chosen to administer and be responsible for the management of the trust.
Trusts may be included in your will or as a separate legal entity. Sometimes trusts are used to avoid the probate process or to minimize estate and income taxes. When you transfer ownership of your assets to a trust, this can remove those assets from your taxable estate and minimize your federal and state taxes. You can also transfer your assets to a charitable trust, and this allows you to enjoy the use of your assets during your lifetime while maximizing the estate tax charitable deduction. Attorneys Susan Wilson and Barbara Meserveprovide sound counsel so you can make the best decisions regarding your estate.
Responsibilities of the trustee
When a trust has been established, there will be on-going administration tasks that include:
Preparation and filing of 1041 tax returns
Investment of trust assets, if necessary
Inventory and appraisal of trust assets
Accounting and keeping beneficiaries notified
Appropriate distribution of property or other assets
Upon death of person, notify beneficiaries
Skilled trust administration lawyers Susan Wilson and Barbara Meserve can assist you with trustee responsibilities.
Disputes over trusts can result in litigation. We can represent your interest in any trust dispute, including:
Beneficiary challenging the conduct of the trustee
Failure to honor terms of trust
Mismanagement or misappropriation of trust property
Failure to account to beneficiaries
Contesting the validity of trust and/or will
Assisting you with establishing and administering trusts in California
To discuss how a trust can be used as part of your estate planning, call Susan Stricklin Wilson at 760.942.1278 or contact us online to arrange a consultation.