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Riverside Trust Administration Attorney

California Trust Administration

Administration of a California Trust

A Riverside trust administration attorney guides you through each step of creating a trust. A trust is a legal document that creates a relationship between three people: the Settlor, the Trustee, and the Beneficiary.  The Settlor creates and funds the trust, while the Trustee is the manager of the Trust. A Beneficiary is someone that may ultimately receive assets from a trust.   For most trusts, the initial Settlor, or individual creating the trust, begins by serving in all three roles. Either due to incapacity or death, a Successor Trustee will later step in to continue with the management and administration of the trust.  The Successor Trustee will be named in the trust instrument, and there should be a line of succession in case a named successor cannot or will not serve.

Role of Successor Trustee

Many people who are named as Successor Trustees are not professional trustees.  Often, they have been entrusted with the job by a loved one, and feel a sense of obligation and duty to do the job to the best of their ability.   In accepting the role of Successor Trustee, you are charged with acting according to fiduciary standards.  There are many heightened duties and responsibilities you must adhere to, including the duty of loyalty, the duty of impartiality, the duty to invest prudently, and the duty to protect and preserve trust property, to name just a few.   Upon accepting the role, there are certain notices that must be given, and timeframes that must be followed. It is important to make sure to follow all of the requirements laid out in the California Probate Code.   After notices have been given, the Successor Trustee will then begin working to determine all of the assets and liabilities of the trust estate.  They will secure, marshal, and then liquidate the assets, and change title to certain assets. Once all final costs and expenses have been paid, with monies set aside in reserve for outstanding taxes, the Successor Trustee distributes the assets according to the terms set out in the trust instrument.   One of the fundamental roles of the Successor Trustee is to prepare an accounting for all of the trust beneficiaries.  In order to do this, it is important that the Trustee keep track of all of receipts and financial records during the course of administration.  

Receive Guidance from A Riverside Trust Administration Attorney

This discussion is not an exhaustive list of the duties and responsibilities of a Successor Trustee.  As you can see, there is a lot of responsibility inherent in the role of Successor Trustee. Contact me today by clicking the button below to work with an experienced Riverside trust administration attorney, so that we may guide you through each step of the process.  

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