If you forget to discuss your fees up front, when that issue arises later it may be necessary for you to go to court to get the issue resolved. It is not uncommon for a trustee to serve for many years without being paid. Then, when the time and effort spent fulfilling the duties of a trustee have increased substantially, the trustee will then seek compensation. If compensation was not determined at the beginning, the beneficiaries may object to paying a fee now. That would mean court … [Read more...] about Can I be compensated for my services as trustee?
Trust Administration FAQ's
One important obligation the trustee has during Los Angeles trust administration is providing a complete and accurate reporting of all transactions that relate to the trust property. This is another frequent basis for litigation in Los Angeles trust administration. Therefore, it is crucial that, as trustee, you fully understand each of your responsibilities and the potential risks for liability that you could face. Each decision you make and action you take relating to the trust property needs … [Read more...] about What kind of records should I be keeping?
As the trustee and fiduciary, you are expected to always look beyond your own interests and comply with the terms of the trust document in each decision you make. Unfortunately, this can be more difficult than you may expect. Remaining impartial can be especially challenging when you have a relationship with any of the beneficiaries of the trust, or if you have any emotional connection to the family in general. Regardless of your relationships, as a trustee, you are expected to remain a … [Read more...] about Whose interests am I required to represent as trustee?
In the face of the significant responsibility placed upon a trustee, it is very common for trustees to need advice or assistance from a professional as they carry out certain aspects of their responsibilities. This is most likely the case when it comes to investing the trust property. If you do not have experience with investments then it would be wise to seek the advice of a professional. The management of investments is the probably the most frequently litigated issue in Los Angeles trust … [Read more...] about Should I ask a professional for advice regarding trust administration?
As trustee, your fiduciary duty is to take only those actions that are for the benefit of the trust and its beneficiaries. You must always be honest in all dealings related to the trust. Trustees are also required to make sure all of the actions they take comply with the regulations established to protect beneficiaries from improper investment choices made by trustees. Ultimately, a trustee is expected not to violate their duties, and if they do, they can be held liable for those violations. … [Read more...] about What does it mean to be a fiduciary?
For those who are in the process of establishing a trust, there are many factors that should be considered when choosing the right trustee. You should select someone that will be able to carefully manage your trust assets. That person should be capable of exercising the proper level of attentiveness when it comes to following your instructions. Your trustee should also be able to place the interests of your beneficiaries above all others. Talk to your Los Angeles trust attorney for help in … [Read more...] about How do I select the right trustee to administer my trust?