No one really wants to think about what will happen to their family once they are gone, but deciding on a plan now can offer your family financial security and minimize any headaches in the future. One of the main objectives of an estate plan is to minimize the likelihood of family conflict over the estate.
Because the division of a loved one’s assets can bring up emotions within a family, you want to make sure your trust administrator is an impartial and responsible individual. If you create an estate plan but fail to name a trust administrator, your hard work and wishes may not ever come to fruition.
Duffy Kruspodin, LLP has been providing trust administration services in Los Angeles for more than 25 years. Our team of seasoned tax, accounting, and financial professionals is committed to helping our clients plan for their family’s financial future and making sure their wishes are fulfilled. We offer customizable solutions for your trust administration needs so you can have peace of mind knowing your family will be cared for when you are gone. We will help you organize your financial records, titles, insurance policies, and assets and will take care of the legal work to make sure you not only have a plan in place but that it is carried out exactly how you envisioned.
Responsibilities of a Trust Administrator
A trust administrator has many responsibilities and duties that can involve tax-related, financial, and even emotional complications. Their primary duty is carrying out the instructions you have written in your trust. They must notify your beneficiaries and heirs of the trust, settle your liabilities and debts, manage your assets and property, keep accurate and detailed accounting records of the trust assets, and provide information to your beneficiaries.
It is important to consider hiring an experienced accountant or tax professional to handle this process. It is essential that the administrator correctly reports the income earned from these properties and accounts to the IRS. Estate and trust taxes can be particularly complicated, especially if you are leaving behind a large estate. Your trust administrator will need to be able to file accurate tax returns and make sure any estate taxes are paid in full.
Once your assets and property have been collected, debts and liabilities settled, and necessary tax returns filed, the trust administrator can distribute your remaining assets to your beneficiaries according to your instructions.
Benefits of Hiring a Professional Trust Administrator
Whoever you appoint as your trust administrator should be very detailed, committed to following the instructions in your trust, and have some kind of accounting or tax knowledge. When choosing your trust administrator, you should consider the responsibilities they will have to carry out and choose a person or firm with experience in trust administration.
At Duffy Kruspodin, LLP we have experience in all aspects of the trust administration process. We can help you create your trust, assisting you with any difficult decisions without the consequence of a conflict of interest. When it comes time to administer your trust, we are able to reduce the burden or stress on your family, and will ensure your trust is satisfied in a professional, financially advantageous manner.
Finding an experienced trust administrator in Los Angeles can have incredible benefits for your family in the long run. When it comes to trust administration, Los Angeles has many options, and Duffy Kruspodin, LLP has decades of tax, accounting, and trust administrator experience to help you make sure all your wishes are addressed and your family is taken care of. If you have any questions or would like to take the first steps in protecting your family’s future, contact our Los Angeles location by calling 818-385-0585.