Duties Of Trustees
The California Probate Code contains a lot of rules applicable to the one who serves as the trustee of a trust. Starting with Code section 16000, California's laws delineate the conduct of trustees ranging from activities the exercise of discretionary power to the content of reports prepared for the benefit of beneficiaries.
Selecting a trustee to run your estate in your place at the time you die ought to be done carefully and with a clear understanding of what the job requires. Once you've made up your mind about who to name as trustee in your trust, it is prudent to get that person's consent to serve as your trustee. It is also important that the trustee understand the principles and duties governing his or her conduct vis-a-vis the trust. Here are a few things to know:
Accounts and accounting, beneficiaries
Actions and proceedings, defense and prosecution
Beneficiaries, reporting of information and accounts
Delegation of duties, restriction
Discretionary powers, reasonable standards of care
Financial institutions, compensation for provision of services
Impartial treatment of beneficiaries
Preservation of trust property
Productivity of trust property
Reports, beneficiaries, when not required
Separation from property not subject to the trust
For a free telephone consultation about your probate, call Los Angeles attorney Mitchell A. Port at (310) 559-5259.
