Wills & Estates - Latest Updates
Russell Griffith • March 12, 2019
No one really wants to talk about their last will and testament, but this is one legal issue you don’t want to leave unattended. After all, it could lead to a major rift in your family, one which you are not around to mend.
The importance of having a very clear will and testament takes on even greater magnitude if you have children from more than one marriage, if you have adopted children, and if you don’t have any children at all. Getting expert advice can save your loved ones heartache and grief at a time when they really need to focus on grieving and recovery.
Your friend or family member Named you as their Successor Trustee. Big honor, right? While it means they trusted you above all others, it also means that you are now saddled with tremendous responsibilities not only to follow the directions of the Trust instrument but also California law. There can be civil liability if you don't. Still honored?
In addition to drafting estate planning documents, our office assists Successor Trustees with Trust administration issues and in keeping the Trustee on track following the directions in the Trust and California law. The first and foremost recommendation I give to a new Trustee stepping in is: DON'T DO IT ALONE! The Trust and law will allow you to hire professionals to assist you at the expense of the Trust. It's money well spent!
While one goal of a Trust is to keep things simple, private and out of the courts to avoid the high costs and time of probate, professional help is still usually required in most situations. While the Trustee will do the bulk of the work of administering the Trust, the aid of an experienced attorney and CPA and other professionals will provide peace of mind and keep the Trustee on track. It will also help avoid personal liability for a breach of the Trustees duties. Some of the issues we commonly address are:
Interpreting the Trust Instrument: Trusts are full of "legalese" - Determining what the Trust says the Trustee is to do is not always that simple;
Outlining Responsibilities under California Law: Explaining laws, rules and requirements that must be followed that are not usually set forth in the Trust;
Providing Notice: Various and specific notifications must be sent to beneficiaries and governmental agencies;
Establishing the Position as Trustee: Getting the Trustee in position to manage and control assets belonging to the Trust;
Non-Trust Assets: Getting control of assets outside of the Trust;
Accounting and Taxes: A Trustee must account to the beneficiaries and must take over the tax filing responsibilities - New Tax Id's may be required;
Actions at Death of First Spouse: Often ignored, there may be specific time sensitive actions and filings that are required after the death of the first spouse;
Business Continuation: Closely held family businesses may need taking over to ensure their continuation; and,
Probate: Handling of Probate issues when there was a failure to plan through a comprehensive estate plan.
We see ourselves as a coach during the administration process. We help get the Trustee heading in the right direction and we provide as much or as little assistance as needed. Each project is different but there are fundamentals that follow through each project that make a difference in fulfilling a Trustees obligations under the Trust and the law.
Please feel free to contact attorney Russell Griffith for more information.
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