Bay Area Estate And Tax Planning Law Firm

Satisfaction — and challenges — linked with being a trustee

On Behalf of | May 1, 2017 | Uncategorized |

At the well-established Bay Area estate planning and administration Law Offices of Connie Yi, PC, we certainly understand the warm glow that some individuals can feel when being named as trustee of a trust.

And for obvious reasons, with the designation flatly denoting that some third party — a family loved one, for example, or a good friend — has entrusted you to oversee and administer matters of great personal importance.

Indeed, and as we note on a website page of our firm discussing trustee prerogatives and challenges, that is “a great honor.”

It is also a great challenge, given that the responsibilities of a trustee are sobering and serious, with distinct downsides being immediately linked to substandard performance.

People depend, and heavily so, on a trustee’s performance, and in matters that are customarily of top-tier importance. Trust property must be properly maintained and preserved. To the degree that trust assets are invested, those investments must be reasonably placed. Trustees have a duty to keep trust beneficiaries timely and accurately informed regarding important trust matters. Distributions must be made in accordance with trust instructions.

And, importantly, we duly stress on our site that “trustees must be careful to manage and administer the trust solely for the benefit of the trust beneficiaries.”

That means no self-dealing, or even a hint that any improprieties are being engaged in.

Understandably, many California trustees have questions and concerns regarding their trust-related duties, and sometimes need proven and effective legal counsel to step in when they are targeted by challenges from beneficiaries or other third parties.

We proudly play that role at our firm, with our representation being buttressed by our principal attorney’s many years of on-point experience helping trustees carry out their duties and fully comply with all legal exactions.

We welcome contacts to any of our Bay Area offices from trustees who seek professional legal counsel regarding their trust administration duties.