Orange County Trust Accounting Lawyer

Trust accounting is a “paper trail” that is kept so that all parties involved can ensure a trust is being administered appropriately. A trustee may use accounting to protect themselves, and beneficiaries can also request an accounting if they suspect assets are not being handled appropriately.

As a trustee, keeping detailed records of transactions and distributions can help protect you from actions brought by the beneficiaries. An experienced Orange County trust litigation lawyer can help you ensure that your record-keeping is adequate to protect yourself from potential claims.

At Albertson & Davidson, LLP, we have experience representing both trustees and beneficiaries with trust accounting issues. Regardless of which side you are on, we have the experience necessary to help with all your trust accounting needs. Contact us today at (858) 209-2309 to schedule a consultation.

Orange County Trust Accounting Lawyer

 

Why Hire Albertson & Davidson, LLP?

Trusts can sometimes get very complex, and one slip-up could end up costing a trustee. At Albertson & Davidson, LLP, we have the experience you need to help you through any potential trust accounting issues or disputes. Our clients know they can count on our firm to help them through these situations because:

  • We have extensive experience on both sides of trust accounting cases, so we know what it takes to win
  • Our team has recovered over $300 million for other clients through settlements and verdicts
  • We will take the time to understand your unique situation and put together a tailored approach to your case

Failure to keep detailed accounting records could put you on the hook for any assets or distributions that you cannot explain. Let the team at Albertson & Davidson, LLP help you with your trust accounting practices today.

Why You Need a Trust Accounting Lawyer

Trust accounting can get pretty complicated. These records can be used by both trustees and beneficiaries in the future should disputes arise. Trustees may use accounting records to protect themselves, while beneficiaries might use the absence of any accounting records to go after a trustee for theft or fraud.

An experienced trust accounting lawyer can help you by:

  • Reviewing the content of all trust documents and explaining your legal rights and obligations
  • Combing through financial statements to help identify any potential issues
  • Keeping detailed records of all transactions related to trust management
  • Preparing and delivering trust accounting reports to trust beneficiaries
  • Investigating a trustee’s actions to determine whether they align with their legal duties
  • Negotiating a settlement to any disputes that may arise
  • Filing a lawsuit and holding the trustee accountable when they act improperly

The time to act is now if you suspect that mismanagement may be happening. Reach out to the experienced trustee fraud attorneys in Orange County at Albertson & Davidson, LLP to let us help you investigate and determine exactly what has happened.

Trust Accounting Basics

Trust accounting is similar to what you might think of in terms of business or personal accounting. Trustees must be able to account for all their actions as the administrator of the trust, and this basic California trust law is in place to help protect beneficiaries from fraud or theft.

Trustees should keep detailed records of all transactions involving trust assets or property. This includes disbursements, acquisitions, transfers, and other transactions. The trustee should also regularly reconcile the trust’s financial statements to ensure that nothing slips through the cracks.

If a trustee fails to maintain these types of accounting records, they could risk a claim for theft or fraud brought by a beneficiary. At Albertson & Davidson, LLP, we can help ensure that your trust accounting records are being maintained appropriately, and we can also advise both trustees and beneficiaries of their legal rights and duties.

Common Trust Accounting Disputes

Trust accounting can be used to expose potential misconduct and can be used to hold a trustee accountable. Some common disputes that may arise over the details of accounting records include:

  • Failure to pay bills or debts of the trust
  • Misusing trust assets for the trustee’s own personal gain
  • Distributing assets to someone other than a named beneficiary
  • Making poor investment decisions with trust assets
  • Fraudulent accounting practices

If you suspect any of the above actions are occurring, make sure you get help right away. An experienced trust accounting lawyer can help investigate your claim to get to the bottom of the issue.

Get Help From an Orange County Trust Accounting Lawyer Today

Trust accounting is a legal requirement that trustees must follow, and many of them need help to ensure they are keeping proper records. The team at Albertson & Davidson, LLP can help you keep detailed records of all trust transactions, and we can help resolve any disputes that may arise from these records.

Contact us today online or call (858) 209-2309 to schedule a consultation with an Orange County trust accounting lawyer and learn more about how we can help.