A Long Beach estate planning attorney will be needed to help the Trust Administration. What exactly is that asks Brian D. Lerner, Long Beach estate planning attorney? Basically, you first would have had to have prepared a Living Trust. This Living Trust, explains Brian D. Lerner, would have many provisions as to what is to be done among who gets what property both real and personal.
There are many deadlines in which to comply with the estate law and what must be done in the Trust Administration. Many time, explains Brian D. Lerner, Long Beach estate planning attorney, there are parties in the Living Trust that are disputing or arguing over one thing or another and there must be negotiations directly between those beneficiaries or parties in dispute or negotiations between the attorneys.
The Long Beach estate planning attorney must first review the Living Trust that is brought to his or her office. Brian D. Lerner states that many times the Living Trust will take some time to review as sometimes it was made many years ago. Other times, it was not made by a Long Beach estate planning attorney and yet other times it may have been made by a Long Beach estate planning attorney, but had many ambiguities and was not prepared correctly. For example, Brian D. Lerner, Long Beach estate planning attorney, gives an example. In one case, the mother (which had died), had several properties and apartment buildings, and wanted the three sons to share in all the properties. However, the Long Beach estate planning attorney explains that it was not clear in the Living Trust whether each brother was to have 33% ownership of each particular property, or rather, whether each brother was to have 1/3rd as best as could be divided of all the properties. This would have taken a simple Pro-rata description and designation in the Living Trust, but it was not there. Thus, the Long Beach estate planning attorney had to see that the brother’s were not getting along and would have fought the rest of their lives if they had 33% of each building. Thus, a pro-rata in kind share was taken (even though the ambiguity existed how to do this in the Living Trust.) This item alone, explains Brian Lerner, took months of negotiations to work through.
The Long Beach estate planning attorney also has to sit down with the Trustee’s or the Co-trustees in order to explain what their rights and duties and obligations. Many times Trustee’s who are also the beneficiaries will become very greedy and want everything they can get for themselves without regard to what the settlor of the Living Trust wanted. The Long Beach estate planning attorney explains Brian Lerner must make note of what the Trustee or Co-trustee is doing and properly inform them if it is violating the fiduciary duties of the particular Trustee and what must be done to correct the situation in order to avoid a court battle.
Clearly, the Long Beach estate planning attorney sometimes is not only to administer the Living Trust by doing what is required, but also to act as a mediator. Sometimes (and unfortunately), the beneficiaries and/or trustee’s get in very heated battles about what the settlor wanted and did not want. All the more reason the Long Beach estate planning attorney should have prepared the Living Trust as carefully as possible and in a manner that would allow relatively simple administration of the Trust.
Brian D. Lerner, Long Beach estate planning attorney also states that a significant part of the administration of the Trust is to properly take the real property out of the Living Trust and record it to the proper beneficiary as agreed upon. Thus, make sure the Long Beach estate planning attorney knows what they are doing when they create the Living Trust in the first place and then the Long Beach estate planning attorney is able to help with the Trust Administration.