At times during a trust administration in San Diego, the assets of the trust may dwindle to the point where there is very little left. 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 of a trust with few assets, you have several options, including the following:
- Ask the court to terminate the California trust.
- Ask the court to modify the trust.
- Request that the court appoint a new trustee.
- Terminate the trust yourself if the principal is below a specified dollar amount.
- Review the terms of the trust to determine whether there is a provision that addresses situations where the assets have very little value.
In cases where the trust assets are too low 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 is vital that you have the support of a knowledgeable San Diego trust administration attorney in order 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. Call our toll-free number at (888) 443-6590 for a consultation.
AttorneyThe Grossman Law Firm, APC · 525 B Street, Suite 1500, San Diego, CA 92101 · (951) 523-8307