What Is Trust Administration?
Trust administration refers to the management of a trust by a trustee who has been appointed to distribute the property or funds. The trustor provides the trustee with instructions that are to be carried out. The trustee then applies these wishes in accord with state laws and in the best interest of the beneficiaries. How does California state law affect how trustees carry out this responsibility?
California Laws on Trust Administration
California law dictates how trustees handle their responsibilities in a number of ways including:
- Guidelines that keep a trustee from taking action that does not benefit the heirs or trust
- Requirements to perform certain duties in connection with the trust
- A designated line of succession in case a trustee dies at the same time as or before the trustor or is otherwise unable to carry out responsibilities
The Responsibility Placed on a Trustee in California Trustees are expected to comply with the instructions outlined in the trust as well as with all applicable state and federal regulations. They are expected to handle the estate in a manner that is financially responsible, preserving it for the beneficiaries. The trustee may be in charge of financial records, debts, and taxes. Beneficiaries can request financial statements from trustees to ensure things are being handled properly.
Trusts and Other Estate Planning in San Diego, California
If you are setting up a trust or doing any other kind of estate planning in California, the estate planning attorneys at Petrov Law Firm can provide you with the assistance you need to execute all of the paperwork properly. This will help to ensure that beneficiaries get what they deserve and that your wishes are carried out properly. Call 619-344-0360 to get started today.