What should I do if there are very little assets left in the California trust that I am administering?
At times, there may come a point where there are little assets left in the California trust. Trust administration also involves certain costs, which means that continuing to administer the trust may not make financial sense. Continued administration may also defeat the purpose of the trust.
Fortunately, if you are the trustee and there is little assets left in the California trust that you are administering, you have several options:
- First of all, ask the court to terminate the California trust.
- Also, ask the court to modify the trust.
- Furthermore, request that the court appoint a new trustee.
- Additionally, terminate the trust yourself if the principal is below a specified dollar amount.
- Lastly, review the terms of the trust. This will help you determine whether there is a provision that addresses situations where the assets have very little value.
In cases where there is little assets left in the California trust to justify continued administration of a California trust, the court has discretion to grant the above actions provided that they mirror the intention of the creator of the trust. It’s vital that you have the best San Diego trust administration attorney to present the best case before the court. If you are still uncertain as to whether you should hire an attorney to assist with the administration of a trust, view our article “San Diego Will & Trust – Do You Need a Probate Lawyer in California?”
For more information about trust administration matters in California, contact an experienced San Diego probate court lawyer today. You may call our toll-free number at (888) 443-6590 for a consultation today. Or you can also contact us via our quick and easy online form. It would be our pleasure to further assist you.
Trustee (noun):
A person or organization that has been given responsibility for managing someone else’s property or money through a Trust. There are different types of trusts, including Totten Trusts, Special Needs Trusts, Testamentary Trusts, Living Trust, and many others. The type of trust will determine the exact actions a Trustee must take in order to perform their job.
Trust (noun):
An organization (ie:bank) or someone else can manage the money or property in a trust usually at a set period of time. They are managed by Trustees and are set up to help better serve the beneficiary’s interests. It is a legal document that tells the Trustee how to specifically handle the money and assets on behalf of the beneficiary according to the Trusts wishes.