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Apr 10, 2024 · The California Probate Code outlines the duties and responsibilities expected of trustees in the state. Some key California trustee responsibilities include: Administering the trust per the terms of the trust instrument
- Duty to Inform and Account
- Duty of Loyalty
- Duty of Care
- Duty to Follow The Terms of The Trust Agreement
The trustee has a duty to keep the beneficiaries informed about the trust property and how it is being managed. The trustee must also provide a formal accounting to the beneficiaries at least once a year. This accounting should detail all income and expenses related to the trust assets.
The trustee must act in good faith and in the best interests of the beneficiaries atall times. This means that the trustee cannot use the trust property for his or her own benefit. For example, the trustee cannot make investments with trust funds that would result in a personal profit.
The trustee has a duty to exercise care when managing trust property. This includes investing trust funds in a way that will preserve capital and grow income. The trustee should also take steps to protect trust property from loss, such as by insuring valuable assets.
The trustee must follow the terms of the trust agreement when managing trust property. This includes carrying out any specific instructions that are laid out in the agreement. For example, if the trust agreement says that certain assets must be sold by a certain date, then it is the trustee’s responsibility to make sure that this happens.
Jul 16, 2024 · One of the primary responsibilities of a trustee is to administer the trust according to its terms and California law. This includes safeguarding trust assets, investing prudently, and distributing income and principal to beneficiaries as outlined in the trust document.
responsibilities and duties of a trustee in California, the procedural steps in trust administration, and what you can do to ensure that your working relationship with trust attorneys is effective and cost-efficient.
Cal. PROB Code § 16000 - 16000. On acceptance of the trust, the trustee has a duty to administer the trust according to the trust instrument and, except to the extent the trust instrument provides otherwise, according to this.
Q: I’ve been chosen as a Successor Trustee. What are my duties? A: Over the centuries, rules have developed which impose duties on persons acting as Trustees. In 1986, the California legislature enacted statutes which codify many of those duties. Here is a brief description of the most relevant statutes.
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Duties of Trustees from PART 4, DIVISION 9 of the California Probate Code (2023)
