Trust Administration Archives - Page 2 of 3 - RMO Lawyers, LLP | Probate, Trust, Estate Litigation Attorneys
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Trust Administration

How Do You Terminate a Trustee?

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 …

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What Happens to an Irrevocable Trust When the Grantor Dies?

A trust is nothing more than a contract, a legal agreement where one party (the “trustee”) agrees to hold the legal title to assets and manage them for the benefit of others (the “beneficiaries”). Some trusts are “revocable,” which means that the trustmaker (sometimes called the “grantor,” “creator” or “settlor”) can modify or revoke the …

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How Long Does a Trustee Have to Distribute Trust Assets?

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 …

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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 …

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The Guide to Trustee Succession and Resignation

Trustee succession is the process by which a new trustee takes over the role of managing a trust. Trustee succession may occur when a trustee passes away, becomes incapacitated, resigns, declines, or is removed from the position. What is trustee succession? The term “trustee succession” refers to the process of having a new “successor” trustee …

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