How Much Should a Trustee Be Paid in Fees?
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?
Executive summary Introduction How do you protect yourself as a trustee? The first step is to take the time to 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. You may face significant […]
Can You Sue a Trustee for Negligence?
Trustees are considered to be fiduciaries, so they are held to the highest legal standard. Given the duties and responsibilities that fiduciaries must satisfy, there are various grounds for filing a lawsuit against a trustee. Negligent behavior that constitutes a breach of their fiduciary duty is one of these reasons. At RMO, the most common […]
What Happens If a Trustee Refuses to Give a Beneficiary Money?
The person who sets up a trust appoints one or more trustees to manage the trust assets for the benefit of the trust’s beneficiaries. According to California Probate Code §16000, trustees have a legal obligation to follow the instructions outlined in the trust instrument when administering the trust. The responsibilities are similar in Texas—according to Texas Prop. […]
Can a Trustee Also Be a Beneficiary?
Executive Summary Introduction In most cases, the person responsible for managing a trust can also receive benefits and assets from the trust. Even though a trustee can be a beneficiary of a trust in most cases, it may generate issues like favoritism over other beneficiaries, potentially compromising the trustee’s fiduciary duties and leading to legal […]
Who Inherits Property if There Is No Will?
State intestacy laws direct how estate assets must be distributed, identifying family members’ order of priority to receive an inheritance and how much they are entitled to receive. Who inherits property if there is no will? If your loved one passes away without a will, California’s intestate succession laws (California Probate Code 6400 through 6455) […]