TRUST ADMINISTRATION: Revocable Living Trust

TRUST ADMINISTRATION: Revocable Living Trust

Revocable Living Trust

To the extent they are drafted well, thorough and practically designed, are often relatively straightforward to administer, both during the life of the settlor(s) - the person(s) who established the Trust - and following the death of the settlor(s). If the Trust was executed and funded properly, it has the important advantage of allowing it to be administered privately, without requiring an expensive and inconvenient court Probate proceeding.

Nevertheless, the Trustee (i.e. manager) of the Trust has many general and specific rights and obligations that few laypeople know or understand. The obligations (among the central one - that the trustee act neutrally and in the best interest of the Trust beneficiaries) are many, and include a host of legal requirements that must be followed, notifications to be given, and forms to be prepared and filed. As such, it is usually both short-sighted and dangerous for a Trustee to attempt to administer a Trust without hiring an attorney experienced in handling Trust Administration to assist him or her.

This article is intended to provide information of a general nature, and should not be relied upon as legal, tax, financial and/or business advice. Readers should obtain and rely upon specific advice only from their own qualified professional advisors. This communication is not intended or written to be used, for the purpose of: i) avoiding penalties under the Internal Revenue Code; or ii) promoting, marketing, or recommending to another party any matters addressed herein.

Mr. Silverman is an attorney with R. Silverman Law Group, 1855 Olympic Blvd., Suite 125, Walnut Creek, CA 94596; (925) 705-4474; rsilverman@rsilvermanlaw.com.

ESTATE LEGAL SERVICES: Need to find an estate planning attorney in Walnut Creek CA? Contact Robert Silverman at 925-705-4474 for legal advice on Revocable Living Trust, Wills, Durable Power of Attorney, Advance Health Care Directive, Special Needs Trusts, and Irrevocable Trusts & Advanced Estate Planning, including Irrevocable Life Insurance Trust (ILIT), Qualified Personal Residence Trust (QPRT), Defective Grantor Trust (IDGT), Grantor Retained Annuity Trust (GRAT), "Crummey Trust", and various types of Charitable Trusts.

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