LA Probate Law and the Role of a Trustee
Probate Law is a legal process that manages and distributes the properties of a deceased person to his/her legal heirs and beneficiaries in a peaceful manner. Depending on the deceased person’s initiatives before his/her death, regarding the distribution of properties, the probate process may take the form of a simple and swift legal procedure or a precise, complicated and time consuming method. One of the methods that can be entrusted by a person for peaceful distribution of assets and estates to his/her desired heirs after the person’s death is setting up a trust. A trust is an organization that takes the responsibility of managing the property of a person as per his/her wish, after death, obeying the legal norms of LA Probate Law. A “trustee” is one who supervises the trust.
Responsibilities of the trustee –
It is very much clear from the previous segment of this article that, being the trust coordinator, a trustee plays a very vital and responsible role, when the situation comes to the LA Probate Law. A trustee must keep track of orderly records of events and actions, taken by him/her at different times. The valuation of the property, the transactions and transfers of money, detailed summary and other minute records about the wishes and demands of the deceased are to be maintained by the trustee and should be provided with a written account. This account is updated regularly and renewed every year. The LA Probate Law endows the beneficiaries and the states with the right of asking the trustee to show all or part of the details to them at any point of time. The trustee is given a time period of 90 days to prepare the account for showing it to the demanding authority. Being failed to do so, a lawyer is employed by the court, who on being paid solely by the trustee, help the trustee out in doing the accounting works.
The list of assets, estates and other properties of the deceased, to be handed over to the heirs, is generally provided to the trustee. The receipts of money transfer and every other related document are carefully maintained by him/her as evidences of expenses or other related transactions. The amount of liquid cash, the account details, place where they are deposited, formal documents of these financial activities are carefully protected and maintained by the trustee. The LA Probate Law gives the beneficiaries and other nominees the right to access the accounts, holding the details of the property. This means nobody other than the authorized nominees can know about the property details and the details remain private to them only, unless any nominee challenges the activity of the trustee in the court. In this situation, the trustee has to show the details to the court to prove his authenticity. In case of any complication and lack of coordination with the trustee, an attorney can be consulted for proper guidance in this regard. But one should always ensure that the attorney has authority in solving this kind of problems.
Accounting process –
The accounting process of the property is handled by maintaining a written chronicle containing all the financial events, calculations and valuations related to the property. This written report also contains all the arrangements, transactions, payment details of taxes and debts related to the property in a detailed manner. The nominees have the right, given by the LA Probate Law, to demand for an accounting in case the property was never passed through the accounting process by the trustee. However, as usual there is a margin period provided to the trustee to accomplish the accounting process and in the same way the beneficiaries can set a file against the trustee for not being able to accomplish the same within the given time period. If the trustee feels that it would be difficult for him/her to take this immense responsibility of managing some other’s property, then he/she should explain it to the party at the time of appointment. The trustee should also keep in mind that any act of carelessness, done by him/her, can affect the lives of many people and years of toiling may prove to be futile. Besides, it’s the responsibility of the party to consult the attorney in case of any lack of coordination, mismanagement and take legal actions. One should take care of the fact that losing someone as near and dear as the head of a family is itself traumatic. So these situations must be treated with patience and all the deserved facilities should be provided to the people, who are in this turmoil.
The LA Probate Law endows the beneficiaries with certain rights. They must be informed about their rights at the time of applying for the probate process in the court. The names of the beneficiaries must be added to the documents related to the estates and assets; moreover, they must be entitled in all the accounting processes executed by the trustee. If their names are not entitled in some of the accounting processes, then the beneficiaries have the right to ask for doing the same and reexamine the accounting process. The documentation, calculations and valuation of property and estates by the trustee are to be checked and reviewed by the beneficiaries. In case of the documentation being incorrect, corrupt or altered, the beneficiaries can demand for compensation, which is to be paid by the trustee. The LA Probate Law states the rights of the parties to take decisions about the acceptance of compensation. In any case, the beneficiaries have the right to let the court intervene at any point of time, if they are dissatisfied with any kind of act done by the trustee.
LA Probate Law and the Role of a Trustee
- Things You May Need to Update in Your Estate Plan When You Enter Retirement - March 22, 2023
- 10 Estate Planning Tips You Cannot Afford to Ignore - March 21, 2023
- 7 Estate Planning Steps for the Beginner - March 16, 2023