Establishing a trust is often the most consequential estate planning decision a person will make in his or her lifetime. As a result, the administration of a trust, whether the settlor is living or not, is a significant responsibility. At Randick O’Dea & Tooliatos, LLP, our Pleasanton trust attorneys work closely with estate trustees to help them successfully administer a trust and avoid legal disputes. Call our office to learn more about our trust administration services.
Duties of a Trustee
When a settlor designates a successor trustee, they are trusting the trustee will properly manage and distribute the trust assets in accordance with their wishes set out in the trust document. While many trustees may mean well, they may not have the time, knowledge, or ability to complete all the necessary estate duties as a trust attorney would. Some duties include:
- Managing investments
- Paying necessary taxes
- Keeping accounting records
- Keeping trust beneficiaries informed
- Distributing trust assets as instructed
One of the most important things a trustee should understand is they owe the beneficiaries a fiduciary duty, which is the highest legal duty. This includes being unbiased, not self-serving, and making reasonable decisions regarding the management of the trust. If beneficiaries believe that a trustee is not doing their duties, is making poor decisions, or has breached the fiduciary duty, they can take legal action against the trustee. It is always better to seek legal guidance from a Pleasanton trust attorney regarding estate and trust administration long before you ever face a legal dispute.
Call Randick O’Dea & Tooliatos, LLP Today to Speak with a Pleasanton Trust Attorney
At Randick O’Dea & Tooliatos, LLP, we are committed to helping trustees navigate the often complicated process of trust administration and offer effective and solution-oriented legal representation and counsel. To schedule a consultation with an attorney, call our office today 925.460.3700 or contact us online.