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 simply isn’t true, and 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.
Call Us For A Free 30-Minute Initial Consultation With Attorney Angelo Lagorio
By speaking with a skilled Fremont estate planning attorney at our office today, you can take a proactive approach to managing 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, we are able to assist you.
Contact us today for a consultation to discuss your case by calling 925-750-8757. Our goal is to provide you with the information and legal advice you need to be able to oversee a trust to the best of your ability.