Unfortunately, there is no one answer to how long a trustee has to distribute assets, as every trust and every family situation is different. In some cases, beneficiaries should give a trustee the benefit of the doubt when distributions are delayed for justifiable reasons, like paying debts or selling property. However, in other cases, the […]
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
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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
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Glossary Trust – A trust is a legal agreement that grants a third party, or fiduciary, the authority to hold and manage assets for the beneficiaries of an estate. Trustee – A trustee is a person who coordinates the administration of the trust, manages the trust’s assets and is responsible for distributing the assets to
The Basics of Trust Administration Read More »
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