Choosing a Trustee: Factors to Consider
Choosing a Trustee: The Importance of This Decision
Selecting the right trustee is crucial for the effective administration and management of your trust. A trustee manages and administers the trust according to its terms and California law, and their responsibilities include:
Choosing a Trustee: Factors to Consider Continue reading…
Trustee Compensation in California: Factors to Consider
Are Trustees Paid?
Yes. Trustees are entitled to compensation. Whether you're a surviving spouse, a sole beneficiary, or someone entrusted with administering a trust, understanding the rules and considerations surrounding trustee compensation is essential. In California, several factors come into play when determining compensation and...
Trustee Compensation in California: Factors to Consider Continue reading…
The Importance of Transparency During Trust Administration
Avoiding Trust Disputes: The Importance of Openness & Transparency
Trusts are valuable tools for estate planning, designed to protect and distribute assets according to your wishes. However, disputes among beneficiaries can arise if there's a lack of transparency or communication from trustees.
The Importance of Transparency During Trust Administration Continue reading…
Trustee Fiduciary Duties
As a trustee of an irrevocable trust, your role comes with significant responsibilities. One of the primary tasks at hand is to grasp the fundamental principles of fiduciary duty. This duty is the cornerstone of trust administration, guiding trustees in their actions and decisions for the benefit of beneficiaries.
Trustee Fiduciary Duties Continue reading…
Common Breaches of Trustee Duties During Trust and Estate Administration in California
Trustees often fail to meet their obligations, engaging in a variety of breaches that undermine the integrity of trust and estate administration. These infractions include violations of trust, misappropriation of funds, inadequate management, fraudulent activities, failure to act, and conflicts of interest within business endeavors.
California Trustees Duties...
Common Breaches of Trustee Duties During Trust and Estate Administration in California Continue reading…
Understanding the Scope of No Contest Clauses in California: When and How Do They Apply?
To comprehend the application of no contest clauses in California, attention must be directed to Probate Code Section 21310, et. seq. This statute delineates the constraints imposed on the effectiveness of a no-contest clause. These clauses, despite their presence in a legal document, can only be enforced under three specific circumstances:
Understanding the Scope of No Contest Clauses in California: When and How Do They Apply? Continue reading…
Understanding the Trustee’s Duties: Enforcing, Defending, or Compromising Claims in California
Trustees play a crucial role in managing and administering trusts, holding specific powers and responsibilities outlined in the California Probate Code (Probate Code Sections 16220-16249).
One of the critical aspects of a trustee’s role is knowing when to enforce, defend, or compromise claims. In this article, we explore the...
Understanding the Trustee’s Duties: Enforcing, Defending, or Compromising Claims in California Continue reading…
When Does a California Trustee Have to Provide Formal Notice Under Probate Code Section 16061.7?
California Trustees must comply with their legal obligations under Probate Code Section 16061.7 which, in part, requires the Trustee to provide notice to all heirs and beneficiaries of their right to receive a copy of the terms of the trust. This provision plays a crucial role in ensuring transparency and fairness to...
When Does a California Trustee Have to Provide Formal Notice Under Probate Code Section 16061.7? Continue reading…
Avoiding Common Pitfalls: Top 10 Mistakes Made by California Trustees During Trust Administration
When you create a Living Trust, you’re the one in control as the Trustee. But, if you become unable to manage it, a Successor Trustee (often a spouse or child) steps in, often with little to no experience. Imagine it as passing the reins of a family business to someone unfamiliar with...
Avoiding Common Pitfalls: Top 10 Mistakes Made by California Trustees During Trust Administration Continue reading…
Counseling Trustees With Accounting Duties
When Beneficiaries Make Demands on Trust Management and Administration
In California, trustees have a duty to ensure that trust beneficiaries are kept fully informed about the management and administration of the trust. This responsibility encompasses the provision of a detailed report on the trust’s assets and their use.
Counseling Trustees With Accounting Duties Continue reading…