Put Your Trust In Good Hands
Many people mistakenly believe that setting up a living trust eliminates the cost and responsibilities of administering a trust. This is not correct. If you are a trustee, there are many duties to which you must give your attention. Not only does the trust require attention as soon as the settlor has passed away, but there are many continuing responsibilities throughout the time that the trust is in effect. Handling a trust on your own can be exceedingly complex, and it is important that you obtain the guidance and support of skilled Fremont estate planning lawyer Angelo J. Lagorio at the Law Offices Of Angelo J. Lagorio.
What Are The Responsibilities Of A Trustee In California?
Under California law, the trustee has what is known as a “fiduciary duty” to the trust beneficiaries and must make certain that the trust is properly administered according to its terms. According to the law, a fiduciary duty is the highest recognized duty and failure to comply with this duty could result in legal action.
A trustee is responsible for the proper management of the trust, including disbursing assets to beneficiaries or investing trust assets. Other responsibilities include but are not limited to notifying beneficiaries according to California law, preparing an inventory of all assets held by the decedent and preparing annual accountings which reflect how the trust has been managed. Additionally, trustees may not favor one beneficiary over another, they must avoid any transactions that would benefit them personally or exclusively, and they may not administer a trust that is in direct competition with the current trust.
These and other regulations that are imposed on trust administration make overseeing a trust quite challenging. Most trustees require the assistance of an experienced California estate planning attorney.
Avoid The Pitfalls Of Trust Administration; Call To Speak With An Attorney
Take a proactive approach to manage the trust and obtain the tools and resources needed to effectively manage the various aspects of the trust. Whether the trust you are responsible for overseeing is small or substantial, attorney Lagorio can assist you.
Send an email to initiate a consultation or call the firm in Fremont at 925-750-8757. Trust administration is a serious responsibility. Attorney Lagorio will provide you with the information and legal advice you need to be able to oversee a trust to the best of your ability.