Extremely knowledgeable, patient, respectful and absolutely brilliant at composing legal correspondence. Adam is an excellent attorney at both preparing legal documents to avoid complications and litigating to help resolve complications.
A trust accounting is a detailed report provided by the trustee, which outlines the financial activity of an irrevocable trust or revocable trust over a specified period. The purpose of trust accounting is to provide transparency and ensure trust funds are being managed properly, according to the trust’s terms and the trustee’s fiduciary duties.
A detailed list of all income generated by the trust and the expenses paid from trust assets.
A report of the trust’s assets, including real property, stocks, bonds, bank accounts, and other investments.
Documentation of any distributions made to beneficiaries, as well as the amounts and dates of those distributions.
Any sales, purchases, or transfers involving trust assets during the accounting period.
Trust accountings are usually required periodically (e.g., annually) or when the trust is terminated or administered. Beneficiaries often rely on these accountings to ensure that the trustee is fulfilling their fiduciary duty, and to verify that trust funds are being properly managed and distributed.
In California, trust accountings are essential for ensuring transparency and accountability in the management of trust assets. Whether you’re a trustee, a beneficiary, or someone involved in trust administration, understanding and properly handling trust accountings is crucial to avoid disputes, breaches of duty, and potential legal challenges.
If you’re facing a trust accounting dispute, Ferguson Law Group’s trust accounting attorneys can assist you in resolving issues related to trust records, discrepancies in accounting, and allegations of mismanagement in San Mateo, Santa Clara, San Jose, and within California. Our goal is to protect your interests and ensure trust funds are properly managed, as mandated by the trust’s terms and California law.
While trust accountings are designed to promote transparency, disputes can arise when beneficiaries or interested parties feel that the accounting is inaccurate, incomplete, or misleading.
Trustees are legally obligated to provide beneficiaries with an accounting of the trust’s finances. Failure to do so can lead to significant legal consequences.
Disputes may arise if there are inconsistencies or unexplained discrepancies between the trust’s reported assets and the actual balance.
Claims that the trustee has failed to properly manage the trust assets, including accusations of self-dealing, negligence, or breach of fiduciary duty.
Disputes over transactions that were made without the proper authorization, such as selling trust property, making personal withdrawals, or distributing funds in violation of the trust terms.
Allegations that the trustee intentionally misrepresented or omitted crucial information in the accounting to hide misconduct or mismanagement.
Disputes over whether trustee compensation is reasonable, particularly if beneficiaries believe the fees are excessive concerning the work performed.
We provide comprehensive legal services for both trustees and beneficiaries involved in trust accounting disputes. Our litigation attorneys will work closely with you to ensure that trust assets are accurately accounted for and that all fiduciary duties are fulfilled.
Extremely knowledgeable, patient, respectful and absolutely brilliant at composing legal correspondence. Adam is an excellent attorney at both preparing legal documents to avoid complications and litigating to help resolve complications.
I have known Adam for the past ten years. He has been [an] advocate for many of my client’s estate planning needs. His professionalism and thorough knowledge of the law has been an asset to our community. Adam is a family man and understands the dynamics it takes to follow through with asking the right questions to follow through with any complex ideas that may arise from multiple generations. You will be thrilled to work with Adam.
Adam Ferguson was very helpful to me in determining whether to move forward with a law suit. In the end we decided against it, so I didn’t actually use his services. However he was extremely responsive to all of my questions, and took the time to explain carefully. I would not hesitate to use him if I had a case!
I would highly recommend working with Adam Ferguson from Ferguson Law Group. His informative advice and expertise in working with family members, pertaining to my Mother’s Trust, prepared us for the future and gave us suggestions for a better outcome that I never would have thought of. Thank you Adam!
Adam is extremely diligent and professional. We had a rare case and Adam was so nice in helping depose my family when one of my grandparents fell ill and passed away at a time their estate planning was an absolute mess. Adam and his team are extremely knowledgeable and well versed in the areas of estate and business planning. Highly recommend.
Adam helped us build our family trust and guided us through ALL the other documents we needed to have for our family should there be an emergency. He was smart and explained everything to us in a way we could understand so we felt confident in our documents. Adam also give me a great recommendation for a lawyer that works in a different specialty.
Adam and staff are a great team. My wife and I felt like we were valued as clients from the moment we met in his office. Adam sat down with us and explained trusts and answered all of our questions. His staff was always there to handle any other questions and concerns, appointments, etc. I was referred to the Ferguson Law Group by a client, and will definitely forward Adam’s contact to any friends and family who need to work with a trust attorney.
I have used the legal services of Adam Ferguson and his team for over 10 [years] with excellent results. He’s knowledgeable, reactive to my communications and I appreciate the thorough and accurate advice I have received. Specifically, I have used his estate planning, trust preparation, LLC and Incorporation assistance. If you’re looking for a bright, honest lawyer, be confident in choosing Adam.
My husband and I had been putting off updating our trust for quite awhile. Once we made the decision, we were glad we did. Working with Debra was so comfortable. She was very professional and thorough making sure we understood every page of the documents created for us before the final signing. The atmosphere in the office was pleasant and friendly.
We recommend Ferguson Law Group highly.
[Ferguson Law Group is] Great to work with, Debra was especially great. Appreciate her and Theresa willing to come in on a Saturday to accommodate us to sign documents. Very thorough and quick in their work. Had our estate binder less than a week after we signed and they took care of the retitling with the county for our house, etc. and thoroughly explained what we needed to do to make the changes on our bank accounts. Would highly recommend!!