Do I need the help of an attorney for preparing an accounting as an Anaheim successor trustee?

As you begin your term serving as a successor trustee in Anaheim, it is crucial that you have guidance from an experienced attorney. Acting without this assistance increases your risk of potential liability. Successor trustees have many duties to fulfill, and failing to carry out those obligations could result in lawsuits against you or your removal from the trustee role. One such important duty is the obligation to prepare periodic accountings. This must be done in accordance with the standards outlined under the trust instrument and California law.

Why should a successor trustee in Anaheim consider seeking the assistance of an experienced attorney for fulfilling his duties, such as preparing the accounting? The following are four common examples to consider:

  1. The accounting must be accurate. Even if the errors are unintentional, the trustee can still be held liable.
  2. The accounting must be rendered on a regular basis, either as outlined in the trust instrument or as called for under California law.
  3. The accounting must be provided to all of the beneficiaries.
  4. The duty to provide the accounting continues for the entire trust administration timeline.

In order to fully understand the responsibilities of a successor trustee, you must first understand living trusts and how they operate. View our free guide, Understanding the Revocable Living Trust - In Language that Anyone Can Understand in 8 Minutes, for a helpful overview. For more information and a consultation regarding your role as a trustee, contact an experienced Anaheim trust administration attorney today at (714) 459-5481.

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