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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.

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Due to the CoVid19 virus California has issued a Stay-at-Home order. We understand how important the health and safety of our clients, and our staff is. We are complying with this order by continuing to work from our homes. While we are not in the office, we are still here to answer your questions, conducting consultations for review, and initial appointments by phone and email during normal business hours. We know that in this time, more than ever, it is important to have peace of mind about your estate planning. We are here to help you through this. Call our office number or email us and we will respond as quickly as possible.