Transferring Wealth: Administering Trusts and Estates with Clarity and Compassion

Why is it usually a good idea to get legal help when administering a trust or estate?

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Imagine your family having to sell your home just to pay for taxes. So San “Susan” and Dai Min “David” Kee were confronted with this possibility as they began their estate planning. In his mid 70s, David was beginning to have some health problems, so the Kees felt some pressure to act quickly. If they were to leave their home to their only son, John, however, they ran the risk of having it sold. The Kees worked with Grimaldi & Yeung to:

  • Create an estate plan that by-passed their son in favor of their grandsons in order to preserve the family’s assets.
  • Initiate a frank family dialog that resulted in the more qualified younger grandson being named as executor — with no resentments.
  • Straighten out previous erroneous legal work — including a deed that inadvertently conveyed the entire house to neighbors.
  • Administer the estate after David’s and Susan’s deaths.

Grimaldi & Yeung was able to function as a trusted advisor to and advocate for the Kees over three generations, helping them preserve a cherished family home and maintain peace within the family.

Estate Administration/Trust Management: Accounting for your Heirs

Settling an estate involves accounting to all heirs on the management of the estate’s assets. Every heir, legatee or distributee is entitled to an accounting of the estate assets before accepting the estate distribution. Most estates can settle with an informal accounting to all parties. Grimaldi & Yeung will prepare this accounting, negotiate a settlement and secure releases from each heir. This can assure that the estate will be final and enable the executor to have peace of mind. If the estate cannot settle amicably using this informal process, we will prepare a judicial accounting which facilitates court approval of the actions and expenses incurred by the executor. The court can mediate a settlement to the satisfaction of the estate and all the parties. Our firm will represent the Executor in this court proceeding and prepare all required documents.