Trusts are playing a major role in many modern estate plans. Not only can they allow for the transfer of property after a trustor’s death, but they can also make this transfer at any point in the future.
Of course, the fulfillment of this goal is contingent upon the ability of the trust’s administrator, or the trustee. A trustee has duties under the law to properly administer a trust as well as to ensure that beneficiaries receive their proper benefits under the terms of this legal document.
A Tustin trust administration lawyer could guide a trustee through the various responsibilities of their role. Our trust attorneys may also help parties take legal action when a trustee fails in their legal duties.
What is the Purpose of a Trustee?
Trusts can be an efficient and effective way to move property from one party to another. To achieve this goal, it is necessary to nominate a trustee to oversee this process. A trustee has a duty under the law to take temporary possession of assets, ensure that this property retains its value, and distribute the assets to beneficiaries at the appointed time.
According to California Probate Code § 16000, trust administrators must act in a way that fulfills the purpose of this legal document. In addition, CA Prob. Code § 16040 obligates trustees to act in good faiths and with reasonable skill, care, and caution when administering to a trust. In short, trustees must act as a reasonable person would to ensure that the purpose of the trust becomes a reality. A Tustin attorney could provide more information about the role that a trustee plays in effective trust administration.
Assisting Trust Administrators to Properly Perform their Obligations
Trustees play a vital role in ensuring that the wishes of a trustor become a reality. Yet when people take on this role, many do not understand what this means in terms of their responsibilities.
A Tustin lawyer could play a vital role in advising these individuals through the trust administration process. A member of our team could evaluate the language of the trust document to identify the beneficiaries and when they must receive the assets. They could also take the lead in suggesting the opening of bank accounts, the proper maintenance of assets, and whether investments are both prudent and fulfill the purpose of trust property.
Contact a Tustin Trust Administration Attorney Now
Trustees need to understand the vital role that they play in trust administration. Not only must these people understand what the trust document says, but they must keep the assets under this legal document safe until the time of distribution arrives.
A Tustin trust administration lawyer could help you through this process whether you are a beneficiary or a trustee. An experienced attorney from our firm could help you understand what it means to be a trustee and suggest the necessary steps to protect both the trust and your personal interests. Reach out to one of our attorneys today to learn more about the crucial role of trust administration.