Creating a trust is a modern and flexible way to transfer ownership of property from one person to another. To facilitate this transfer, every trust must nominate a trustee. This person’s role is to keep the property safe until the time of distribution. When this date arrives, the trustee must distribute the property according to the terms of the trust.
This managing of property and its distribution is known as trust administration. Trustees have a duty under the law to perform their roles adequately. Failing to do so could result in their removal as a trustee as well as their personal liability for any resulting damage. A Rosemead trust administration lawyer could provide more information about the roles of trustees. Our trust attorneys could also help individuals nominated as trust administrators fulfill their obligations under the law and avoid unnecessary legal entanglements.
Responsibilities of Trustees
It is impossible to understate the importance that a trustee plays in the proper administration of a trust. All trusts must nominate a person or an organization to serve in this role. A trustee has a duty under the law to ensure that the purpose of the trust comes into effect. The exact duties of a trustee are a matter of state law. According to the California Probate Code § 16000, a trustee must administer the trust according to the language of the document. This means distributing the property under the terms of the trust.
In a more general sense, these individuals must also act with reasonable skill to administer the trust. CA Prob. Code § 16040 states that a trustee has a duty to act with reasonable skill, care, and caution as a prudent person would, given the circumstances. As a result, the law requires these individuals to seek out help if they lack the personal knowledge or experience to perform their roles.
A Rosemead attorney could provide this essential advice during trust administration. A lawyer from our firm could further elaborate on a trustee’s duties as well as recommend steps that could help a person could take to fulfill their role under the law.
Attorneys as Trust Administrators
Many individuals creating trusts will nominate a neutral person to serve as a trustee. However, it is also possible to place this responsibility on an organization. As such, serving as a trustee is another role that a Rosemead lawyer may be able to play during trust administration. Having an attorney fulfill this role comes with many advantages.
An attorney will understand the law and be able to determine the purpose of a trust. This can result in a more accurate and timely administration of an estate. At the same time, a lawyer may be able to better defend the assets of a trust against any potential liabilities that could drain those assets of their value. Finally, a lawyer could help maintain trust property in a way that maximizes the value that goes to beneficiaries.
Let a Rosemead Trust Administration Attorney Take the Lead
Effective trust administration is vital to fulfilling the purpose of a trust. Trustees have a duty under the law to act reasonably in the administration of a trust and must also ensure that the terms of the trust come to pass. Failures to do so could see a court removing a trustee and that person being personally liable for any losses.
A Rosemead trust administration lawyer could provide essential support. Our team could advise trustees of their obligations under the law and how they should go about fulfilling their duties. Contact one of our skilled attorneys today to make an appointment and learn how our law firm could help you.