Entering the world of Wills, Trusts and probate can be confusing. One of the first questions people often ask is: what is the difference between a Trustee and an Executor? To put it simply, a Trustee is the person who oversees a Trust, while an Executor is the person who oversees a Will, which often
California Trustees can charge reasonable fees for their services. The amount considered reasonable varies depending on the circumstances. Professional fiduciaries typically charge a certain percentage of the total value of the Trust assets (usually around 1%), while layperson Trustees (such as family members) often charge by the hour (typically around $30-$80).
Trustees’ fees also depend
How do Trust beneficiaries know how much they are entitled to? Often, rather than stating a specific dollar amount for each beneficiary, the Trust will state that each beneficiary is entitled to a certain percentage of the Trust estate. This can cause frustration if the Trustee will not provide the value of the Trust assets.
How does a Trustee resign? By following the procedure in the Trust document. The Trust terms usually contain a resignation procedure to follow. The Trustee typically must give notice to the beneficiaries and to the new Trustee. This notice can be drafted by a Trust administration attorney. If there is no resignation provision, the
How do you replace a Trustee? The answer depends on the language in your Trust document. Most trusts have a specific section that outlines the procedure in which a Trustee can be replaced.
Some Trustees step down willingly. In certain instances, you can have a Trustee sign a document called a Resignation by Trustee, and
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Hi, this is Keith Davidson at Albertson & Davidson. In this video, we’re discussing trustee surcharge. How do you hold your trustee liable for the damages that they have caused to your trust estate?
The number one way that you hold
THE FOLLOWING IS A TRANSCRIPT OF THIS VIDEO. FOR MORE INFORMATION, CLICK HERE
Hi, this is Keith Davidson from Albertson & Davidson. In this video, I want to talk about whether or not you, as a trust beneficiary, are entitled to an accounting. And the answer is maybe – which is a typical lawyer
You may be surprised to learn that there are a number of ways that a bad Trustee can escape liability in Court. For starters, if the Trustee disclosed a questionable transaction in writing to you, you only have three years in which to file a lawsuit. But that’s just the start.
Consent, release, and
“If you got it, flaunt it baby!” That’s one of my favorite lines from the movie The Producers by Mel Brooks. The same can be said of California Trustees (although not referring to their looks of course). For Trustees, if you have a special skill you are expected to use them.
For example, if you
Acrimony between Co-Trustees can raise significant problems. Co-Trustees each have a duty to participate in the administration of the Trust (PC 16013). A Co-Trustee also has a duty to prevent the other Co-Trustee from committing a breach of Trust, and compel a Co-Trustee to repay damages caused by a breach of Trust. That can be