Trustee Responsibilities In California

A Trustee must prepare legal documentation, coordinate asset transfers to beneficiaries, and file tax returns on time. They also perform formal, legally required trust accountings to inform beneficiaries of the status and property in the trust. These tasks are time sensitive, and delays can cause both legal and financial consequences. Because many Trustees are new to the administration process, we recommend an evaluation to ensure you are adequately apprised of the responsibilities. Under California law, a Trustee must complete the following specific tasks once the trust creator passes away: Notify each beneficiary of the decedent’s passing, including specific legal warnings and notices Read and review all trust and ancillary documents Collect, marshal, invest, and properly distribute the trust creator’s assets, including those outside the trust Pay routine estate administration expenses, such as attorney or accountant fees Pay necessary taxes on behalf of the trust creator and the trust itself Prepare formal trust accounting documents for beneficiaries Track their time for a reasonable payment In addition to these tasks, there are numerous other responsibilities that could apply in various cases. No two cases are the same. At Weiner Law we will provide you with a blueprint that sets out the responsibilities that apply in your particular case. We will then assist you in accomplishing the various tasks that are required. Weiner Law 12707 High Bluff Drive Ste. 125 San Diego, CA 92130 (858) 333-8844 https://weinerlegacylaw.com/