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 Much Should a Trustee Be Paid in Fees? Read More »
While you are not legally required to retain a lawyer to accomplish many of your fiduciary duties as trustee, working with a trust attorney is generally a good idea for professional and family/friend trustees alike, particularly if you have not administered a trust before or you’re unfamiliar with a specific trust or some of its
Do I Need a Lawyer As a Trustee? Read More »
Commingling assets is a common issue we see with our trustee clients, and it’s one that can land you in some serious hot water. While it takes a little extra work and bookkeeping to keep trust funds separate from your personal funds, it’s a trustee’s duty to do so. What are commingled assets? The term
The Trustee’s Guide to Commingled Assets Read More »
Corporate trustee duties are complex and highly scrutinized. Why? When a trust is particularly large or contains a complex mixture of assets and investments, real properties, businesses and the tax considerations that go along with them, a corporate trustee is often appointed instead, or as a co-trustee to a family member successor trustee. Corporate trustees
The Ultimate Guide To Corporate Trustee Duties Read More »
Contingent beneficiaries, remainder beneficiaries, remaindermen, and secondary beneficiaries have rights to estate or trust assets, but those rights are contingent upon the inability to distribute the assets to the primary beneficiary. Here’s a guide. What is a contingent beneficiary? A contingent beneficiary – sometimes called a remainder beneficiary, a remainderman, or a secondary beneficiary,
The Ultimate Guide for a Contingent Beneficiary Read More »
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