Hinojosa & Wallet, LLP, partner, Andrew M. Wallet frequently serves as a fiduciary in trust, conservatorship and estate matters in Los Angeles and throughout California. A substantial part of Mr. Wallet’s practice involves him serving in such fiduciary capacities as the trustee of complex trusts, special and general administrator of probate estates, and as a conservator of estates.
Mr. Wallet’s fiduciary expertise is regularly utilized by the legal community in matters ranging from general trust and estate administration to complex litigation while managing a wide variety of assets. The Probate Court frequently appoints Mr. Wallet in complex trust and estate disputes, or as conservator of the estate, in those matters where substantial assets and complicated financial issues are involved. He has particular expertise in handling real estate issues. As a fiduciary, Mr. Wallet has hundreds of millions of dollars of assets under management.
Mr. Wallet is often able to provide substantial savings to the trust or estate by charging fees only for his fiduciary services. Normally, a private fiduciary charges for his or her time in addition to hiring separate legal counsel to represent them who also charge attorney fees for their services. Mr. Wallet is often able to eliminate an entire set of fees for the trust or estate. Additionally, with the consent of the interested parties, Mr. Wallet is frequently able to offer further cost savings by acting as the real estate broker and waiving fiduciary fees related to the sale of real property if feasible under the circumstances.
Fiduciary services are available in the following areas:
- Probate Estates
In the Trust context, Mr. Wallet is available to serve as a trustee, interim trustee, or successor trustee of a trust. In this capacity, he is guided by the terms of the trust document and the intent of the settlor(s), or by agreement of all of the beneficiaries or parties involved. The administration of each trust will be different due to its terms, the beneficiaries, types of assets comprising the trust estate, liquidity requirements and the objectives of the trust. Mr. Wallet is often appointed by the court as successor trustee during litigation involving beneficiaries. Mr. Wallet offers comprehensive trust administration services, including arranging for all tax-related representation with outside accounting firms.
In the context of Conservatorships, Mr. Wallet's work includes serving as court-appointed conservator of an estate or successor conservator of an estate and can include:
- Arranging for accounting services
- Collecting and accounting for all income and principal transactions
- Paying fiduciary expenses and bills and accounting for all transactions
- Communicating details of transactions and important information
- Determining an investment objective for each fiduciary account
- Investment management decisions for the estate assets or the hiring of an investment manager
- Insurance administration including health, automobile, homeowner's, personal property, liability, and long-term care programs
- Arranging for all tax work required; allocate to outside accounting firms to include household employee withholdings
For further information regarding fiduciary services offered by Mr. Wallet please visit his page under Attorneys. For a consultation regarding Mr. Wallet’s fiduciary services, please contact us via email or at (310) 473-7000.