Fiduciary Services Offered
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Trust Administration - Living Trustor(s)
If you or your loved one needs assistance managing day-to-day finances, Jennifer can serve as successor trustee to assume financial management of trust assets and to make sure financial obligations are taken care of. This will include oversight of bank accounts to protect them from theft or fraud, and investments to make sure they are producing income, being prudently invested and risk is minimized to the extent possible. Jennifer will also receive income into the trust and pay all bills, including caregivers, mortgages, property taxes, utilities, estimated tax payments, etc. As trustee, Jennifer will make sure all income taxes are filed in a timely manner. She will provide an annual accounting to the trustor. These are just some of the routine tasks Jennifer will handle as trustee. The goal at this stage in trust administration is to make sure the living trustor is financially provided for.
If the living trustor has capacity, he or she can typically work with his or her estate planning attorney to have a successor trustee appointed. If the living trustor does not have capacity, then the existing successor trustee might have the ability to name a replacement or the court may be able to appoint a successor trustee if the current trustee is not willing to continuing serving, for whatever reason.
If the living trustor has capacity, he or she can typically work with his or her estate planning attorney to have a successor trustee appointed. If the living trustor does not have capacity, then the existing successor trustee might have the ability to name a replacement or the court may be able to appoint a successor trustee if the current trustee is not willing to continuing serving, for whatever reason.
Trust Administration - Deceased Trustor(s)
When the last trustor passes away, the trust will then need to be administered in preparation for distribution to the trust beneficiaries. Jennifer will marshal all trust (and sometimes non-trust) assets into the now irrevocable trust. All debts and creditors will need to be satisfied. Sometimes real property will need to be sold to cover these debts or simply to liquidate assets for easier distribution to beneficiaries. Final income tax and/or estate tax returns will need to be filed. Any specific bequests of tangible personal property will be made. Jennifer will provide an accounting of the trust administration for the beneficiaries to review and approve. Once the trust administration is complete, Jennifer will distribute the assets to the named trust beneficiaries.
If Jennifer was serving actively as successor trustee while the trustor was living, she will continue to serve as trustee following their passing. If she was named as successor trustee in a trust she was not actively serving as trustee on prior to the trustor's passing, she will take steps to begin trust administration at that time. If there is a vacancy in the office of trustee, or the existing successor trustee is not willing or able to serve, Jennifer can be named as successor trustee pursuant to the terms of the trust or by court order. Jennifer is often appointed as a neutral successor trustee arising from trust litigation.
If Jennifer was serving actively as successor trustee while the trustor was living, she will continue to serve as trustee following their passing. If she was named as successor trustee in a trust she was not actively serving as trustee on prior to the trustor's passing, she will take steps to begin trust administration at that time. If there is a vacancy in the office of trustee, or the existing successor trustee is not willing or able to serve, Jennifer can be named as successor trustee pursuant to the terms of the trust or by court order. Jennifer is often appointed as a neutral successor trustee arising from trust litigation.
Special Needs Trust Administration
Jennifer serves as trustee for both First Party Special Needs Trust and Third Party Special Needs Trusts. First Party SNTs are set up by the trust beneficiary and typically come about through receipt of an inheritance or litigation settlement. Receipt of these funds will disqualify the beneficiary from public benefits. The establishment of the First Party SNT allows the beneficiary to remain on public benefits. Often times parents or family members know and plan for this and set up Third Party Special Needs Trust for their loved ones so as not to disqualify them from benefits. The inheritance will go directly into the pre-established Third Party Special Needs Trust. Jennifer is familiar with public benefits eligibility and maintenance requirements and administers SNTs for the benefit of the beneficiary without risk to the beneficiary's benefits.
Jennifer can be named in advance as successor trustee in Third Party SNTs, or named as successor trustee at the creation of the First Party Special Needs Trust. She can also be substituted in later, as successor trustee pursuant to the terms of the trust or by court order.
Jennifer can be named in advance as successor trustee in Third Party SNTs, or named as successor trustee at the creation of the First Party Special Needs Trust. She can also be substituted in later, as successor trustee pursuant to the terms of the trust or by court order.
Probate Estate Administration
When a person passes away without a trust their estate may go through probate. If they have a will, they pass away "testate" and can name any heir they wish. Their assets will be distributed to their heirs as named in their will. If they do not have a will, they pass way "intestate" and their "heirs at law" will inherit their assets. The heirs at law are established in the Probate Code. A probate administration is very similar to the trust administration described above, but it is overseen by the probate court.
Jennifer can be named as the Executor of your estate in your will. If the named executor(s) are not willing or able to serve, Jennifer can be nominated to serve as Administrator or Personal Representative of the estate. In the case of litigation, Jennifer can step in as a neutral Administrator to help preserve assets and/or wrap up the administration.
Jennifer can be named as the Executor of your estate in your will. If the named executor(s) are not willing or able to serve, Jennifer can be nominated to serve as Administrator or Personal Representative of the estate. In the case of litigation, Jennifer can step in as a neutral Administrator to help preserve assets and/or wrap up the administration.
Power of Attorney for Finance
Jennifer can serve as agent under power of attorney for finance. This appointment gives Jennifer the ability to manage assets or income that are not in a trust. Often times there are assets that cannot be titled in the name of a trust such as retirement accounts, pensions, insurance policies and other income streams. These accounts can only be managed by Power of Attorney. Jennifer typically serves as agent under Power of Attorney in combination with a successor trustee appointment for the same individual(s).
Conservatorship of the Estate
When an individual becomes incapacitated and unable to manage their own financial affairs, a Conservatorship may need to be established in the absence of a valid Power of Attorney for Finance or Trust Agreement. A Conservatorship is established so that someone, specifically the appointed Conservator, has the ability to legally manage the incapacitated person's finances. The court issues Letters to the Conservator giving them the authority to legally act on behalf of the Conservatee's finances. The Conservator has similar powers to those of a Trustee or Agent under Power of Attorney for Finance, however, the Conservator's authority is limited in some aspects requiring prior court approval and all of the Conservator's actions are monitored by the court. The Conservator is required to report to the court regularly and the court can approve or discipline the Conservator's actions. Jennifer serves as Conservator of the Estate on a case by case basis.
Trust Protector and Special Trustee Appointments
Jennifer will serve as a trust protector or special trustee in some instances. Typically these appointments arise as a result of litigation or disputes between the trustee and beneficiaries. Jennifer can step in as a neutral under the power of these appointments to help resolve disputes or conflict. These appointments may involve ongoing oversight of the trustee's trust management or the beneficiary's actions. It may also be short-term and more of a "binding arbitration" type decision making process to help move along the trust administration and avoid litigation.
Fiduciary Accounting Preparation
Every trust, probate and conservatorship requires the preparation of fiduciary accountings. Jennifer has more than 10 years' experience with preparing court compliant accountings. In addition to preparation of accountings for her own matters, Jennifer can prepare fiduciary accounting for family trustees, administrators or conservators, as well as for other professional fiduciaries and estate planning attorneys by request.