When comparing a trustee and a beneficiary of a trust, it is difficult to say who has “more rights,” as they each have completely different roles, powers, and responsibilities. While the trustee has a great deal of authority to administer the trust and manage its affairs, they also are bound by a fiduciary duty to …
Who Has More Rights, a Trustee or the Beneficiary? Read More »
A trustee does not need beneficiary approval to sell trust property. However, a trustee who wants to avoid litigation would be wise to at least seek approval of the trust beneficiaries, and, at a minimum, be able to substantiate why the property was sold and how that sale benefited the trust beneficiaries. Have questions? Schedule …
Can a Trustee Sell Property Without All Beneficiaries Approving? Read More »
The trustee is the person who manages all the property and assets that are included within a trust. A trustee has a fiduciary duty to act in the best interest of the trust and its beneficiaries. Individuals and couples often decide to put some or all their assets into a revocable living trust for estate …
Helping a parent or loved one who has dementia is always a challenging task. Considering and executing an estate plan for someone with a diminished capacity has an added element of difficulty. Depending on your loved one’s individual case, they may lack the legal ability to execute and sign vital estate planning documents like wills …
If you have questions about how the trustee of your family trust is acting, you may want to consider having them removed. However, removing a trustee can be a costly and challenging process. Once appointed, trustees have numerous rights and responsibilities. However, they typically do not have the right to quit being a trustee without …
A trust is a legal creation that gives one person a right to benefit from an asset while it is held by another person. The second person creates the trust by granting the right in the asset or property they own. This person is referred to as the “grantor.” The grantor can also name someone …
Creating a revocable living trust is an important step in comprehensive estate planning. Typically, you will act as the trustee and ensure your assets are handled competently while still alive. Then, when you pass away, your designated successor trustee will manage and distribute the trust’s property. When you appoint your successor trustee, you should choose …
A trustee is an individual who administers a trust on behalf of the beneficiaries. Trustees are responsible for managing trust assets, including maintaining the property and making sure it is productive – i.e. generates income or profit. However, a trustee’s job can be challenging and downright impossible if they don’t have the skills or expertise …
CLIENTS TRUST LITIGATION ATTORNEYS REPRESENTING TRUSTEES If your administration efforts as trustee are being challenged or disputed, we are built to handle your trust, probate and estate litigation. Whether the challenge involves a trust contest, breach of fiduciary duty claims, a petition for instructions, a petition for removal, objections to your accounting, or financial elder abuse claims, we have the expertise …
According to California Probate Code §16000, a trustee must administer the trust according to the terms of the trust instrument, including any asset distribution plan set forth in the trust document. Because there are many types of trusts and innumerable trust agreements the timeframe will depend on the distribution scheme set forth in the trust …
How Long Does a Trustee Have to Distribute Trust Assets? Read More »
Trustees are tasked with the trying —and often thankless— job of managing trust assets to benefit the trust’s beneficiaries. In exchange for their services, California Probate Code §15681 allows trustees to receive “reasonable compensation.” However, if the trust document itself specifies different pay arrangements, then under Probate Code §15680, trustees are legally entitled to be …
How do you protect yourself as a trustee? The first step is to take the time and learn more about what you are signing up for. Do your research, ask questions, consult a trust attorney, and ensure you understand the duties and obligations that need to be fulfilled as trustee. Your legal liabilities can be …