Trust Administration

Revocable trusts, also called "living trusts," have become popular estate planning devises.  If the person who created the trust is acting as trustee, few legal issues ordinarily arise.  However, on the death or incapacitation of the original trustee, or if it is joint trust created by a married couple or registered domestic partners, upon the death of the first spouse or registered domestic partner, legal duties accrue to the successor or surviving trustee.  With a joint trust, the surviving spouse or registered domestic partner may need to allocate assets to subtrusts that were provided for in the trust document, begin accounting to certain beneficiaries, and estate tax returns may need to be filed.  With a trust created by one person, the successor trustee may need to file estate tax returns, account to beneficiaries, and marshal and distribute assets.  Sometimes trust assets must be sold to generate funds for taxes or to provide for even distribution.  Regardless of the issues involved, Mr. Jones can advise successor or surviving trustees of their fiduciary duties, and provide assistance with every step of the trust administration process.



Francis A. "Nick" Jones
5150 East Pacific Coast Highway, Suite 200
Long Beach, California 90804
Phone: (562) 346-3292  Facsimile: (562) 346-3293