San Francisco Trust Lawyers

**What Are Trust and Estate Administration?**

Estate administration is the process estates must undergo before the decedent’s assets can be distributed to beneficiaries, often in accordance with the decedent’s will or intestate succession laws. At the helm of estate administration are executors or administrators, who oversee the estate once appointed by the court.

Trust administration is similar, it is the process by which a trusts assets are distributed to beneficaries. The successor Trustee oversees the management of hte trust upo nthe death or incapaciation of the Settlor. The Settlor is typically the person who created the trust and who serves as the initial trustee of the trust.

Both roles involve fiduciary duties, meaning that those acting as executors or trustees must act in the best interests of beneficiaries.

Executors and Trustees: Shared Responsibilities

Both executors and trustees share many administrative responsibilities, including:

Creating an inventory of estate assets and determing their value at the time of the decedents death.
Securing and protecting the decedent’s property
Satisfying all outstanding debts claimed by creditors
Preparing periodic accountings for beneficiaries
Keeping beneficiaries informed about administration
Litigating on behalf of the estate or trust if necessary

and finally making timely distributions to beneficaries

Executors and trustees are fiduciaries, which means they have a duty to act in the best interests of beneficiaries. If they fail to do so, they could face liability at worst and expensive litigation at best. To avoid such situations, it’s essential to have experienced trust and estate administration attorneys guide you. Trustees are typically authorized to pay for trust related legal services from the trust funds if the legal services provide benefit to the estate or trust.

Both executors and trustees have a fiduciary duty to act in the best interests of their respective beneficiaries. Failure to do so can result in significant consequences, including lawsuits against them.

**Why Do You Need an Estate Administration Attorney?**

You may need an estate or trust administration attorney if you are:

The executor or administrator of an estate
The trustee of a trust, especially if it’s your first time acting in this capacity

Having a trusted attorney can help prevent mistakes and protect against liabilities. The duties of an administrator or trustee are extensive and complex. Experienced executorrs and trustees know hire laywers to assit them with the administration process.

There is little room for mistakes, misconduct or negligence when dealing with estates and trusts, as they can cause financial harm to the estate or trust and threaten beneficiaries’ inheritances. Having a trusted lawyer on your team can help prevent such errors and protect you against liabilities.

Finally, if the  the executor or trustee must litigate. For example, the trustee discovers that the decedent had been financially abused when alive), they should hire a lawyer to represent the estate or trust.

While it’s possible to complete administration without the help of a law firm, utilizing the services of a trusted probate administration lawyer will make your job easier.

**Interpreting the Will or Trust**

One of the initial steps an executor or trustee should take is to properly interpret the will or trust instrument. This can be challenging without legal expertise or knowledge of estate planning. An experienced trust and estate administration lawyer  can guide you through the process, ensuring that the document is interpreted correctly. Sometimes, wills and trusts contain ambiguous language, which may appear clear on its face, which you should never take upon yourself to interpret if you are unsure about the meaning of the language. A Trust administration and Estate lawyer should be consulted about the matter instead, and if necessary, they can file a petition with the court to obtain officail clarification about the meaning of the language. 

**Carrying Out Financial Obligations**

Executors and trustees have many financial responsibilities during administration, including:

Creating an inventory of estate assets
Recording time when assets enter or leave the estate
Satisfying debts to creditors
Preparing periodic accountings for beneficiaries

All of these steps are of equal importance. While it’s natural to feel overwhelmed, having a Trust and Estate administration lawyer assist with these tasks can ensure that all obligations are taken care of correctly.

**Litigating, Selling Property, and Making Other Important Decisions**

Over time, executors and trustees will need to make important decisions about the estate or trust. Some of these decisions may require court approval, while others don’t. An attorney’s involvement is often necessary for informed decision-making.

**Protecting Yourself Against Liabilities**

As fiduciaries, you have a duty to act in the best interests of beneficiaries. This includes:

Acting in beneficiaries’ best interests
Avoiding conflicts of interest
Avoiding impartiality by favoring one beneficiary over another

By consulting with experienced trust and estate administration attorneys, you can avoid making decisions that could land you in hot water.

**Why Choose Bassin Law Trust administration and Estate Lawyers?**

At Bassin Law, our team has been handling probate and estate administration for over 40 years. We understand that being appointed as an executor or trustee can be a foreign experience, so we’re proud to asssist clients with California probate and estate administration for parties accross the county to help them  understand and carry out their roles. Call 415-753-6200