Posts tagged "Trust Administration"
For a trustee, being legally responsible for managing, investing, and distributing trust assets can be a daunting task, especially since the trustee is also legally liable should any breach of fiduciary duties occur. Consequently, if you are a trustee who wishes to resign or a beneficiary who wishes to remove a certain trustee, you have to act according to the guidelines dictated by California's trust laws.
When people set up trusts, they name trustees who will be responsible for administering the trust according to its terms. It is important for California trustees to understand their duties and to execute them correctly. Trustees who do not believe that they will be able to effectively fulfill their legally required duties on their own might want to consider getting professional help or stepping down so someone else can assume the role.
If you've been named as a trustee, you have an important role to play in the administration process. It is your responsibility to carry out the administration of the trust, including gathering assets and distributing them to their intended beneficiaries.
Many people are intimidated by the prospect of using trusts, a somewhat-ironic fact since the very name should endear people to them. A trust is an estate planning tool that allows someone to give up their asset to another person (the trustee) who then holds on to and maintains the asset under the guise of the trust until the ultimate beneficiary or heir can assume control and ownership of it.