Trust administration can be complex and confusing for those unfamiliar with California's laws governing trustees and fiduciaries. Trustees are required to administer and manage trust assets in the best interest of the trust and its beneficiaries. A trustee must also administer the trust according to the will of the trust creator, even after the trust creator has passed away. Common trustee duties include: complying with statutory notice requirements, marshalling trust assets, appraising trust assets, paying estate debt, preparing trust accountings, dealing with tax matters, and keeping the beneficiaries informed as to the status of the trust administration. The law asks a lot of a trustee and is not uncommon for trustees to miss a few steps along the way. Some missteps are easily corrected, but others can be devastating leaving the trustee personally liable to the beneficiaries for their errors. We work closely with all our trust administration clients to make sure they understand their legal obligations and avoid making costly mistakes during their trust administration.
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