Placer Trust Administration Attorney

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Placer Trust Administration Lawyer

If you have been given the responsibility of administering a trust, you probably already know that this role comes with some weighty responsibilities. Just as every trust is a little different, so too is every trustee’s specific role and duties. If you are appointed as trustee, it means that you are now the person responsible for administering that trust. In most cases, when you are assigned the role of trustee, you are also given a Trust Agreement outlining the details of your role and responsibilities to that trust, the trustor, and the beneficiaries.

Placer Trust Administration Lawyer You Can Trust Call (916) 827-3427

Why Do People Appoint Trustees?

A trustee is any person or organization that holds the legal title to another person’s assets and has the right to act on behalf of the owner of said assets, called the trustor. Many people appoint a trustee as a means of protecting their assets, guaranteeing the benefits of their successors, and knowing that their legacy is in safe hands after they pass on. A trustee is the person in charge of managing the estate affairs after the trustor has passed. In many cases, the trustee is responsible for ensuring the estate is distributed according to the trustor’s wishes. Many people choose to appoint a family member such as a spouse, child, or sibling as their trustee. Others prefer to appoint a non-family member as a trustee to better guarantee impartiality and eliminate the likelihood of self-dealing and personal conflicts arising when administering to the trust. Banks, trust companies, and attorneys are often chosen as trust administrators if the trustor chooses to appoint a non-relative as their trustee.

Other trustee duties include a set of default trust laws and obligations called fiduciary duties. Fiduciary duties and necessary behavior include:

  • Acting with prudence: The trustee is obligated to act as a prudent person would when overseeing matters pertaining to the trust and trust administration.
  • Maintaining loyalty: The trustee must act with complete loyalty and responsibility toward the beneficiaries of the trust as well as the stated wishes of the trustor. A trustee is prohibited by fiduciary laws from either self-dealing or involving him/herself in disputes or arguments between beneficiaries or other parties in matters pertaining to the trust.
  • Keeping records and making/providing reports: A trustee must keep clear and concise records and provide regular reports to all beneficiaries as provided by the trust or issued by the court.
  • Acting with impartiality: A trust administrator is required to operate with total impartiality when dealing with the trust beneficiaries. The trustee is not allowed to show favoritism, give special treatment, or pick sides. They must maintain strict impartiality when communicating with beneficiaries, managing disbursements, investments, or other matters.
  • Segregating and identifying trust property: It is crucial and required by law that the trustee keep all trust property completely separate from their personal property.
  • Upholding duty to provide all important information to beneficiaries: It is the trustee’s duty to provide the beneficiaries with certain information, whether or not they ask for it. Information trustees are required to inform beneficiaries about the status existence of the trust, the status of the beneficiaries, as well as any changes or significant developments relating to the trust, including trust investments, debts, and properties.

What Are a Trustee’s Duties in Placer, California?

A trustee can be appointed as an administrator to a living trust or a trust created by a will. Whichever type of trust you have been appointed to, many possible duties may come with the appointment. Many of these duties involve managing the deceased trustor’s properties, investments, accounts, and other assets. The specific arrangement between the trustor and the trustee depends largely on the types of assets involved in the trust. For example, if the trust comprises various pieces of land or properties, the role of the trust administrator might be overseeing these properties and performing specific tasks associated with administering a land trust.

Unlike being a probate administrator, trustees do not have to make any court appearances. That said, if you are the trustee, you may, at times, need to turn to the court for assistance if disputes arise that lead to files being made against you, or if creditors or those claiming to be creditors file claims against you. If you are appointed trustee, seeking legal help from an experienced trust administration lawyer in Placer, California, will make the process much smoother. As a trustee, you are not expected to be an expert in all areas now placed in your responsibility, and that is exactly why having the guidance of a trusted attorney can be to your benefit.

There are two major types of duties for a trustee. The first type is associated with the specific duties appointed by the trust agreement itself. Trust-appointed duties involve many possible tasks and responsibilities depending on the nature and details of the trust. Trust-appointed duties may also vary depending on the nature and age of the beneficiaries involved. Some possible trust agreement responsibilities may include, but are not limited to:

  • Managing assets that could remain in a trust fund for many years
  • Delegating financial investments
  • Managing outstanding debts left behind by the deceased
  • Selecting and overseeing agents to help you
  • Managing taxes and accounting
  • Maintaining and managing legal responsibilities
  • Managing issues pertaining to the trust beneficiaries, which may include dealing with any forms of possible elder abuse that could arise, as well as organizing the care and treatment of any aging or ailing beneficiaries
  • Managing properties and real estate
  • Managing the future solvency of beneficiaries who are minor

Contact a Trust Administration Attorney in Placer

Violation of the terms of the trust or of fiduciary laws can have severe consequences for the trustee. The responsibilities of a trustee are complex and varied, and mistakes can be detrimental. Many newly appointed trust administrators feel overwhelmed and uncertain about their appointed duties. If you were recently appointed as administrator of a trust in Placer and are uncertain what your duties really are or how to perform them, a trust administration attorney can help guide you through the process. Contact McCunn Law to talk to an experienced trust administration attorney. Call today at (916) 827-3427.

Why Choose McCunn Law

Our methods for handling business owner divorce and family law issues are unique. We offer legal assistance for a range of family law cases, including:

Mr. McCunn specializes in a holistic, project management approach which empowers you to make your own decisions throughout the process. He has a reputation as a peacemaker and his honest and pragmatic attitude towards divorce and other family law issues ensures you only pay for the services you need during your case.

“McCunn Law is a high-quality and highly knowledgeable legal team. I went into a consultation regarding child custody and was extremely happy with the plan and ultimately the results of my case. They create a plan with the client’s needs and wants in mind. Drummond is also great working with regarding what kind of budget a client would be able to afford. If I have any more legal needs in the future this is the office I will use every time.”

Megan P.

“McCunn Law is a high-quality and highly knowledgeable legal team. I went into a consultation regarding child custody and was extremely happy with the plan and ultimately the results of my case. They create a plan with the client’s needs and wants in mind. Drummond is also great working with regarding what kind of budget a client would be able to afford. If I have any more legal needs in the future this is the office I will use every time.”

Megan P.

“McCunn Law is a high-quality and highly knowledgeable legal team. I went into a consultation regarding child custody and was extremely happy with the plan and ultimately the results of my case. They create a plan with the client’s needs and wants in mind. Drummond is also great working with regarding what kind of budget a client would be able to afford. If I have any more legal needs in the future this is the office I will use every time.”

Megan P.