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Should I Accept the Role of Trustee?2020-11-26T00:40:57-08:00

The role of a trustee is a serious commitment. It can involve a substantial amount of time and effort and requires you to follow a set legal process. A trustee may also find it necessary to consult with an experienced attorney along the way. Accepting the role of a trustee is more than just signing your name on a few documents, so be sure you understand what will be required of you.

What Responsibilities Does a Trustee Have?2020-11-26T00:46:24-08:00

A trustee must be a conscientious steward of the trust and take every action with the best interest of the beneficiaries in mind. This sometimes means that they set aside their interests in any assets or transaction because there will be a greater benefit to the beneficiaries. Trustees must transfer titles into their name and invest or sell assets in the period before final distribution to the beneficiaries. Trustees must also file taxes for the decedent and provide a detailed accounting of the trust and all transactions to the beneficiaries.

What Are My Rights as a Beneficiary?2020-11-26T00:47:09-08:00

The death of someone close to you is a time of mourning and stress, not a time you want to be worried about how their finances are being handled. As a beneficiary, you have a right to know who manages the trust or the estate, what the assets are and their value, and thorough accounting of the transactions made by the trustee. Finally, of course, you have a right to receive the assets left to you in the form of distributions of the estate or trust.

Should you feel that the trustee is mismanaging the trust, you have the right to open a court proceeding.

If you would like personalized counsel about your situation as a beneficiary, contact Moschetti Law Group to schedule a no-obligation introductory phone call. Our team of experienced estate lawyers can advise you on how to sort out your situation, no matter how complex.

Are Trustees Paid?2020-11-26T00:47:48-08:00

Under the California Probate Code, Trustees must have reasonable compensation for the execution of their duties. Most settlors build in the compensation when they create the trust in the first place. The funds for the trustee’s compensation come from the trust itself after all debts and taxes are paid and before distribution to beneficiaries.

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