Probate law is responsible for peaceful and proper distribution of wealth of a deceased person among his family members according to a will or testament. Whether the probate procedure will be simple and quick or a long and complicated affair depends on what kind of effort that has been taken by a property holder before his death. In absence of a will the distribution of property will be even more complicated. Sometimes a person writes a testament without help from a LA Probate law attorney and mostly it does not adhere strictly to the guidelines of the LA Probate law. This makes the procedure more complex. A common way to avoid legal hassles and ensure peaceful distribution of fortune among a desired list of candidates is by building a trust. A trust is an association which manages the property of a person and performs fair distribution of his property after his death according to the norms of the LA probable law. A trustee is a person who looks after the trust.
A trustee is a coordinator of the trust and has the vital responsibility in case of the LA Probate law process. He keeps track of all his acts while managing the trust. He performs valuation of the wealth, transfer of money and records the wishes and will if the deceased in great detail. He is responsible for maintaining written documents for these actions and make regular updates. These accounts have to be renewed once a year and produce them in court after the death of the owner. According to norms of the LA probate Law the beneficiaries and the court have the right to enquire the trustee about these details of the property. A period of ninety days is allowed to the trustee to arrange these documents and present it to the demanding party. In case of any dispute between the two parties a LA probate law attorney tries to solve the issues.
The trustee has to maintain the accounts including tracking of the financial history, calculations related to it and valuations of the property. This written document also consists of monetary transactions, tax payments and debt repayment in minute details. The LA Probate law gives right to the nominees to ask for a detailed accounting of the property. If the trustee fails to provide the required documents regarding the accounts the beneficiaries can file a complaint against the trustee for failing to produce the documents in the given period of time. If the trustee feels that it will be difficult for him to take up the responsibility of managing a huge property he should make this clear before his appointment. A trustee should realise that he has to take care of the fruits of someone else’s labour and if he is careless it will affect the deceased and his family and years of hard work will go waste. If there are any legal hassles or mismanagement the beneficiary can consult a LA probate Law attorney and take legal action against the trustee. The death of a person in a family is itself painful. A trustee therefore should in such a situation deal with patience and take care to ensure a hassle free distribution of the property to the nominees.
The LA probate law bestows on the beneficiaries of a property certain rights. A nominee should make him aware of these rights before applying for the probate procedure so that he gets what he deserves. The trustee should include the names of the beneficiaries in all documents associated to the assets and estates. Their names should also be mentioned in all the accounting procedures by the trustee. In absence of a beneficiary’s name in the accounts he or she has the right to ask for a review of the entire accounting procedure and examine its authenticity. The beneficiaries have the right to scrutinize the calculations and assessment of the assets by the trustee and demand a review in case he or she is not satisfied with the documents produced by the trustee. If a beneficiary finds a document to be altered or corrupt he can claim for compensation from the trustee. The LA Probate law also gives the nominees the right to decide about the receipt of compensation. If the beneficiaries are not satisfied by the performance of the trustee they can seek legal help and the court can intervene to settle the issue.
The role of a trustee is of paramount importance since he is responsible for the proper maintenance of somebody else’ property. Not only is he accountable for taking appropriate care of the assets but it is also his duty to perform peaceful distribution of the fortune to the nominees. If a trustee is found guilty of a dishonest act regarding the maintenance of the estates the beneficiaries and trustee get involved in a bitter legal battle after the death of the owner. Therefore a trustee should keep an authentic account of the transactions and dealings of the property and be able to produce the documents before the beneficiaries on demand. The norms of the LA Probate law take care of the fact that a trustee cannot take advantage of his power and misuse the assets. In case the beneficiaries are unable to deal with the trustee they should opt for professional help from a LA Probate law attorney.
- How Can an Incentive Trust Help Me Achieve My Estate Planning Goals? - September 4, 2023
- How Do I Prove Undue Influence in a California Will Contest? - September 2, 2023
- National Make-a-Will Month - September 1, 2023