Trust administration in Burbank involves managing and distributing trust assets according to the trust document after the grantor dies or becomes incapacitated. As a successor trustee, you have important legal responsibilities that require careful attention to detail and compliance with California law.

Your primary duty as successor trustee is to follow the specific instructions in the trust document while acting in the best interests of all beneficiaries. This includes managing investments, paying bills and taxes, and distributing assets according to the trust's terms.

You must keep detailed records of all transactions and communicate regularly with beneficiaries about trust activities. California law requires you to provide annual accountings and respond to reasonable requests for information about trust administration.

Avoid conflicts of interest and treat all beneficiaries fairly. If the trust allows discretionary distributions, you must exercise that discretion reasonably and document your decision-making process.

Working with experienced trust administration attorneys in Burbank helps ensure you fulfill all legal requirements while protecting yourself from potential liability.

Inventory all trust assets immediately after becoming successor trustee. This includes bank accounts, real estate, investments, personal property, and business interests. Obtain professional appraisals for significant assets when necessary.

Review existing investments and decide whether to maintain or modify the trust portfolio. You have a duty to invest trust assets prudently, which generally means maintaining a diversified portfolio appropriate for the trust's purposes and timeline.

Consider consulting with financial advisors or investment professionals, especially if the trust contains complex assets or substantial holdings. The trust may pay for professional advice when it helps you fulfill your fiduciary duties properly.

California law requires you to provide beneficiaries with specific notices and information. This includes notifying beneficiaries when you become successor trustee and providing copies of relevant trust provisions.

File necessary tax returns for the trust, including federal and California fiduciary income tax returns when required. The trust may also need to pay estate taxes depending on the value of assets and timing of distributions.

Maintain separate accounting records for the trust and never mix trust assets with your personal funds. Keep receipts, bank statements, and documentation for all trust-related expenses and transactions.

Many Burbank families benefit from comprehensive trust planning services in Burbank that include guidance for future trustees on properly fulfilling their responsibilities.

Burbank's proximity to major entertainment and media industries affects many trust administration situations. Trusts containing intellectual property rights, royalty agreements, or entertainment industry assets require specialized knowledge for proper administration.

The area's real estate market dynamics influence decisions about holding versus selling trust property. Burbank's stable residential neighborhoods and commercial districts can make trust real estate valuable long-term holdings when properly managed.

Local banking and investment options provide resources for trust administration. Working with financial institutions familiar with fiduciary accounts helps streamline trust management and ensures proper handling of trust funds.

Burbank's professional community includes many specialists who assist with trust administration, from tax preparers familiar with fiduciary returns to real estate professionals experienced in trust property transactions.

Trust administration requires careful attention to legal requirements and beneficiary needs. Take time to understand your responsibilities, maintain thorough records, and seek professional guidance when needed. Proper administration protects both you and the trust beneficiaries while honoring the grantor's intentions. For experienced guidance on trust administration from an attorney with over 40 years of experience, contact Kenneth W. Drake, Inc. at (818) 906-1441.