The process of administering a California trust varies depending on the terms of the trust, but in general, all trustees are responsible for the following:
- Identifying all of the assets owned by the trust
- Determining the value of trust assets
- Identifying the beneficiaries of the trust
- Providing certain information to those beneficiaries
- Accounting for how trust resources are managed
- Making distributions to beneficiaries according to the terms of the trust
If you have been named as a trustee, we can help you understand your responsibilities. We can also help you to efficiently administer the trust by working closely with you and your existing fiduciaries, including your financial advisor, accountant, and other trusted advisors. Kirsten’s background in business law enables her to provide particularly invaluable advice to estates and trusts that include business holdings.
The Decision To Serve As Trustee
The decision to serve as trustee should not be taken lightly. It is a difficult, time-consuming job, and a trustee can be held personally and financially liable for failure to carry out mandates of the trust to the letter. When creating a trust, many people name both an individual and an institution to leverage their collective expertise. It is also advisable to consult an attorney who focuses on this area of the law.
To learn more about how Kirsten Howe, Walnut Creek trust attorney can help you with the California trust administration process, contact us today for an initial consultation.