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Trust administration: making the right trustee selection

A recent Forbes financial article stresses that financial planning “can become intricate and emotionally fraught for high-net-worth families that have a lot at stake.”

We have underscored that important point in many of our prior blog posts at the Bay Area Law Offices of Connie Yi, PC. And we have advised our valued and diverse band of California readers that they can craft a number of strategies to purposefully and effectively deal with planning complexities.

One matter that both Forbes and our firm especially spotlight for its planning relevance to select families is trust creation, given the repeatedly proven power and flexibility of trusts in the estate planning realm.

Central to that is trustee selection. Trustees have a great deal of power and responsibility. They must accurately document and safeguard assets, communicate with heirs/beneficiaries, pay taxes and creditors and dutifully carry out trust-linked instructions and directives.

That is no easy task even concerning relatively straightforward trusts of modest size and wealth. In many cases, an improperly trained and unqualified trustee can become overwhelmed and, as Forbes notes, “disrupt the balance between family interests and asset protection.”

We help prevent that from happening at our firm in instances where families and trustees reach out to us for counsel concerning trust administration. Our proven advocacy routinely extends to heirs and beneficiaries, but we also help challenged trustees stay on top of their duties and fully carry out all required responsibilities in accordance with relevant laws.

We welcome contacts from California trustees having questions or concerns relating to any aspect of their trust oversight.

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