When you accept the role of successor trustee of your loved one’s trust, you are agreeing to take on a great deal of responsibility. You will be charged with carrying out the terms of the trust once your loved one passes. This includes identifying the beneficiaries, gaining control over the trust assets, and managing those assets for the benefit of the beneficiaries. As the trust implementation process in Orange County begins, successor trustees are often concerned with whether they can successfully fulfill their duties. However, if something goes wrong, trustees are expected to apply their individual skills to the best of their ability.

What happens if the trustee told the creator of the trust that they had a higher level of skills than the average trustee? In these cases, the trustee will be held to a higher standard. A trustee who would be held to this higher standard might possess the following skills and experiences:

  • Financial skills, such as a financial planner or other investor
  • Asset management skills, such as a real estate property manager, where the trust holds real estate
  • Accounting skills to allow for sophisticated bookkeeping of trust expenses and income
  • Tax preparation skills, such as filing trust income or other tax returns
  • Legal skills, such as a higher level of understanding of the laws that surround trust administration in Orange County

If you are the trustee of a trust that is being implemented in Orange County, it is vital that you fulfill your duties to meet the required standards outlined by law. To learn more, contact the experienced Orange County trust attorneys at the Law Office of James F. Roberts & Associates, APC. Call our office today at (714) 459-5481 for a consultation.

James F. Roberts
Founder and owner of the Law Office of James F. Roberts and Associates, a premiere estate planning law firm
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