When a trust is written, the settlor, or person creating the trust, chooses someone to serve as successor trustee. Often the settlor chooses several people who are named in order.
Articles about Trustee Duties
For those who have never been involved in handling the affairs of a friend or loved one, the concept of what is involved in this process can be overwhelming. Often, individuals are not certain what it means to be appointed an executor, administrator, or trustee.
Under California trust law, trustees have a fiduciary duty to act in good faith with respect to the management of trust assets. When a trustee misappropriates funds from the trust for his or her own benefit or the benefit of another, he or she is committing theft.
I am the trustee of a San Diego trust. Can I delegate my trust investment and management responsibilities?
One part of serving as a trustee of a California trust is managing and investing the assets of the trust. For individuals appointed as trustee who do not have a background in finance or investment management, this responsibility may feel overwhelming.
I am the trustee of a California trust, and I am instructed to make discretionary distributions. What should I do?
Often times, a trust will leave property to an individual or a group of individuals, but it will instruct the trustee to decide when the distributions should be made and how much they should be for.
It is Possible for an Attorney to Serve as as a Trustee while also Providing the Trust with Legal Services?
Under certain circumstances, an attorney can serve as both the legal advisor and trustee of a California trust. However, the attorney must enter into both roles with a great deal of caution. If the attorney does not act fairly or follow the California trustee rules relating to compensation, he or she could be subject to litigation brought by a beneficiary.
For those beneficiaries and heirs unfamiliar with the California estate administration process, it is not always clear whether the executor or trustee is acting properly and in accordance with state law.
Who Cannot Act As A Personal Representative During A California Probate Administration? What is Conservatorship?
A personal representative is someone who is entrusted to carry out the administration of a California estate. This role comes with several significant responsibilities, including managing the estate assets, providing notice to creditors and heirs, and distributing the estate property.