Firm Partner Andrew M. Wallet of Hinojosa & Wallet, LLP frequently serves as a fiduciary in trust and estate matters in Los Angeles and throughout California.
A fiduciary is an individual who accepts responsibility for looking after the needs and affairs of another person. A fiduciary must have the requisite knowledge, experience and expertise to make the appropriate decisions, and have the necessary support staff to provide timely, efficient and cost-effective services. It is important that a fiduciary maintain the highest ethical standards, be completely unbiased, and act solely in the best interest of the person for whom he or she is serving as fiduciary.
Andrew M. Wallet frequently serves as a professional fiduciary. A substantial part of his practice involves serving in such capacities as the trustee of complex trusts, the special or general administrator of probate estates, and as a conservator of estates, including serving as co-conservator of the estate of Britney Jean Spears. 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. As a licensed California real estate broker, he has particular expertise in handling real estate issues, including the administration and management of units of residential real property and commercial real property.
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 professional 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.
Professional fiduciary services are available in the following areas:
Mr. Wallet is available to serve as a court-appointed special administrator/successor special administrator; general administrator/successor general administrator; or law practice administrator. In this capacity Mr. Wallet handles all aspects of a probate estate administration, from appointment of the personal representative through final distribution of the estate, including but not limited to: marshalling assets, running the decedent's business or winding down the business, handing the sale of residential or commercial estate property, paying taxes and handling tax related issues.
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.
Mr. Wallet's work in this area includes serving as court-appointed conservator of an estate or successor conservator of an estate. His work in this area includes:
- 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 the firm, contact Hinojosa & Wallet, LLP.