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ESTATE PLANNING & PROBATE SERVICES FOR NORTH COUNTY

Protect Your Family And Your Legacy

We have been confidently guiding San Diego and North County families through the estate planning and administration process for more than 30 years.

 
ESTATE PLANNING & PROBATE SERVICES FOR NORTH COUNTY

Protect Your Family And Your Legacy

We have been confidently guiding San Diego and North County families through the estate planning and administration process for more than 30 years.

ESTATE PLANNING & PROBATE SERVICES FOR NORTH COUNTY

Protect Your Family And Your Legacy

We have been confidently guiding San Diego and North County families through the estate planning and administration process for more than 30 years.

Carlsbad Trust Administration Lawyer

Trust administration is a delicate task that requires someone trustworthy who also has familiarity with laws surrounding trusts. The process can easily become overwhelming for someone without extensive California law knowledge.Ultimately, they are responsible for the legal termination of the trust following the creator’s death. Attorney Paul V.L. Campo has more than three decades of experience with trust law administration, making him and his team capable of handling any issue that may arise during the process. Choosing an impartial, professional third party to manage your trust may make it more likely that your wishes are followed exactly as laid out within the trust.

Paul V.L. Campo, Attorney at Law, asserts and protects trustees’ rights. Our firm understands how challenging these tasks are and how crucial it is to understand the complex California laws pertaining to trusts. We offer experienced trustee representation for you and your family.

What Is Trust Administration?

A trust is a legal arrangement where property is held with a trustee, or third party, to hold assets for the benefit of the creator and beneficiaries. There are many benefits to creating a trust and placing your assets and property within that trust.Trust administration is a trustee’s management of property within the trust, according to the document’s specified terms and for the benefit of the beneficiaries following the trust creator’s death.

Roles of a Trust Administrator

A trust administrator is responsible for all work related to a trust. This can include a wide range of responsibilities, some of which are outlined below.

  • Fully understand the trust: Knowing the reasons and intent behind the establishment of the trust can help manage it. To competently manage a trust,you must also be familiar with the laws and regulations surrounding trusts. This may require doing research into the type of trust or hiring a professional to explain the trustee process to you.
  • Notification of beneficiaries and heirs: The trust administration process begins with a mandatory notice to all beneficiaries and heirs named in the trust. This notification begins the time period when a beneficiary can contest the trust.
  • Tax return filing: Though some taxes can be avoided by using a trust, there are some conditions where a tax return must be filed on the trust. Trust administrators are responsible for calculating the total value of the trust and filing accordingly.
  • Maintain accurate records: The creator and beneficiaries of a trust are legally able to review trust accounts at any time. Accurate records must be maintained so the beneficiaries can have transparency with how the trust is being managed. A trust administrator must also inform the beneficiaries how the trust management methods are in their best interest.
  • Terminate the Trust: Following the death of the trust creator, the trust administrator must close out any creditor accounts and pay any remaining taxes on the trust. Once any accounts have been settled, the trust is ready to be terminated and the funds distributed to the beneficiaries.

Reasonable Compensation For a Trustee

Being a trustee for a trust is a job that is compensated through funds available in the trust. According to California Probate Code section 15680, any compensation determined within the trust should be honored, with exceptions for extraordinary circumstances like extremely complex trust administration. California Probate Code 15681 requires that a trustee be paid reasonable compensation under the circumstances of the trust. Compensation may be defined as an hourly rate or a percentage of the total trust assets. The fee may be collected annually at the close of a calendar year or in a single lump sum at the end of the trust administration. For income tax benefits,it is generally recommended to take compensation on an annual basis.

It is important to note that income from managing the trust is different from reimbursable trust-related expenses. These expenses could include acquiring the death certificate, lodging accommodations, and funeral expenses.Thorough records must be taken to ensure beneficiaries do not contest the expenses, as any expenses ultimately decrease their inheritance. A trustee can be denied payment if they commit a breach of trust or unreasonably delay the administration process.

Reasons a Trust Administration Lawyer Is Needed

  • Complex Laws and Regulations: Finding answers on how to manage the trust within the legal boundaries can be a steep learning curve, one that can land you in legal trouble if not followed. Having an experienced Carlsbad trust administration lawyer means those regulations are followed, and assets are protected.
  • Trust Duties: The trust may not outline every duty that the trust administrator is responsible for. An experienced lawyer can fill in these blanks and help ensure all the duties are handled correctly.
  • Minimize Complaints: The beneficiaries of a trust can complain or even bring a lawsuit against you if they are unhappy with the way a trust is being managed. A lawyer can give you information on common complaints and the best methods to prevent them.
  • Tax-Related Obligations: There are IRS requirements for filing taxes for a trust, and many of them are under strict timelines. Different trusts will have different tax obligations that must be handled correctly to prevent conflict with the IRS and also the beneficiaries of the trust.

California Trust Administration

If you are or will be acting as a trustee for a trust, your first step should be to find an experienced and skilled lawyer. Not only will it help you navigate and comply with all the legal requirements, but it will also ensure you understand your responsibilities. Our firm can guide you through every stage of this responsibility.

Mistakes in the trust administration process can have time-consuming and expensive effects that will delay and decrease the property available in the trust for its beneficiaries. Having a trust administrator as an attorney can mean a much smoother transition for you and your family. Paul V.L. Campo offers trust administration as a service and can ensure the process is easy to navigate for everyone involved. Contact us today for a consultation to determine if we can help you with your comprehensive estate plan and trust administration needs.



What Our Clients Say | Legal Associations


  • Jason

    “Thank you for your services in managing the probate of my mother’s estate. Your professionalism and fairness are much appreciated.”

    Jason
    Probate Client
  • Patty, California Licensed Professional Fiduciary (CLPF)

    “As a client of Paul’s in my capacity as a Professional Fiduciary, he has guided me through the intricacies of trust administration on many occasions.”

    Patty, California Licensed Professional Fiduciary (CLPF)
    Trust Administration Client
  • Jean

    “Mr. Campo did a great job on my estate planning. He was very thorough and made me aware of several things I hadn’t considered. I highly recommend him.”

    Jean
    Estate Planning/Trust Administration Client
  • Carol, Lt. Col. USMC (Ret.)

    “The service I received goes beyond professionalism. It’s all about caring for my wishes and goals and coming up with the ideal estate plan for me.”

    Carol, Lt. Col. USMC (Ret.)
    Estate Planning Client
  • Del

    “I am very grateful to Attorney Paul Campo and his excellent staff for guiding me through the complex probate process.”

    Del
    Probate Client

What Our Clients Say | Legal Associations


  • Jason

    “Thank you for your services in managing the probate of my mother’s estate. Your professionalism and fairness are much appreciated.”

    Jason
    Probate Client
  • Patty, California Licensed Professional Fiduciary (CLPF)

    “As a client of Paul’s in my capacity as a Professional Fiduciary, he has guided me through the intricacies of trust administration on many occasions.”

    Patty, California Licensed Professional Fiduciary (CLPF)
    Trust Administration Client
  • Jean

    “Mr. Campo did a great job on my estate planning. He was very thorough and made me aware of several things I hadn’t considered. I highly recommend him.”

    Jean
    Estate Planning/Trust Administration Client
  • Carol, Lt. Col. USMC (Ret.)

    “The service I received goes beyond professionalism. It’s all about caring for my wishes and goals and coming up with the ideal estate plan for me.”

    Carol, Lt. Col. USMC (Ret.)
    Estate Planning Client
  • Del

    “I am very grateful to Attorney Paul Campo and his excellent staff for guiding me through the complex probate process.”

    Del
    Probate Client

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