Law Offices Of Connie Yi, PC
Tell Us About Your Case

For the safety of our community, clients and staff, we have suspended all in-person meeting effective March 17, 2020. All consultation meetings will be via Phone or Zoom Video Conferencing. Please contact us at 925-484-0888 or email us directly at [email protected] to schedule the consultation.

Bay Area Estate And Tax Planning Law Firm
Estate Planning
Trust Administration and probate

Get
Started

Satisfaction — and challenges — linked with being a trustee

| 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.

Categories

Archives

FindLaw Network

Recent Blog Post

What are reasonable fees to charge as a trustee in California?

When implementing an estate plan in California, it is essential to ensure that you receive the proper compensation for the amount of time and work you are putting in. The probate court will look through the amount you charge to see if it is reasonable, especially if...

What to know about life insurance trusts

California families have an exemption for their estate that keeps it from being subject to income taxes. However, above that $11.7 million, the estate tax bill could get large. This is why they need to take measures to reduce the size of their taxable estate. Life...

Are estate taxes headed for changes?

Not every inheritance involves paying estate taxes, but some estates rise above the federal exclusion amount. California residents that feel familiar with state and federal tax rules might not realize changes could happen. Namely, proposals intended to raise tax...

View More Blog Posts