Los Angeles Trust Accounting Attorney
Do You Need Guidance in Trust Accounting?
A trust is a relationship where one holds assets for the benefit of another. A trust may be set up for a variety of reasons. A grandfather may set one up for the distribution of his assets over a period of years to his grandchildren. The administrator of a decedent's estate holds the funds in trust until they can be distributed to the heirs. A lawyer receiving settlement funds holds them in trust for the client. Whatever their differences, however, trusts all share the requirement of trust accounting.
The laws of California require that trust funds be kept in a clearly-marked account separate from the personal funds of the trustee (the person managing the trust). The trustee is required to keep detailed records of money coming into and going out of the trust. According to the circumstances, he may also be required to file income tax returns or estate tax forms on behalf of the trust.
Trust accounting requirements can be complex. If you are serving as a trustee and have any questions as to your responsibilities, you are advised to contact a Los Angeles Probate & Trust lawyer.
Do You Suspect that a Trustee Has Mismanaged Trust Funds?
If you are a beneficiary of a trust, you are understandably concerned that the trust funds are properly maintained and accounted for. If you suspect wrongdoing, you may legally demand that the trustee give you an accounting. A trust accounting attorney can accomplish this on your behalf as well bring the trustee to court for any misdeeds.
Experienced Trust Accounting Lawyer in Los Angeles
Kerendian & Associates, Inc. is a law firm serving the greater Los Angeles area. We are familiar with the requirements of trust accounting and would be pleased to answer any questions you may have as trustee and assist as needed.
We are also vigilant defenders of the rights of trust beneficiaries. If you have been unable obtain a trust accounting or suspect foul play, we would be pleased to evaluate your situation and recommend a proper course of action.
Contact the Los Angeles Trust Accounting Attorney
at the firm to help with your trust accounting needs.