A trust is created to protect and distribute assets according to the stipulations laid out within the trust documents. Managing these assets is a big responsibility which shouldn’t be taken lightly. The person or organization who manages the trust is considered the trustee.
Generally, a trustee is responsible for:
– Tax related matters
– Legal obligations
– Trust accounting and administration
– Investment management
– Regular communication with trust beneficiaries
With all of these responsibilities and more, it may be hard to find a trusted person who is capable of such complex and diverse responsibilities. And if you designate a loved one as a trustee, this may cause an undesirable result if they are not knowledgeable about their duties, especially if the trustee is allowed to make discretionary decisions about trust distributions to the beneficiaries.
As you begin the process of naming your trustee, you should carefully consider the related legal responsibilities of the position as well as their qualification and willingness to serve.
These are the various types of trustees:
Sole Trustee: This individual or organization will assume all legal responsibility in managing, investing and distributing the trust assets.
Co-Trustee: When another individual or organization serve together and assume all legal responsibility in managing, investing and distributing the trust assets. Successor Trustee: When the primary trustee is no longer willing or able to serve as the trustee, the successor will assume this role. Trustee Agent: If a trust allows the named trustee to hire another skilled professional, as most do, they can help manage and fulfill their various responsibilities.
As with most of us, looking for a trustee with experience coupled with providing a high fiduciary duty to the trust beneficiaries may be a concern to you. And if this is the case, we’re here to help. Whether you would like us to be a co-trustee, full trustee, successor trustee or trustee agent, we can help hold the weight of this responsibility with you or for you. This will provide you and your family peace of mind that the responsibility of being a trustee is delegated to a professional.
Our Contact Information
Phone: 888-909-0551 Email: firstname.lastname@example.org Fax: 888-909-0821 Address: 23901 Calabasas Road, Suite 1030
Calabasas, CA 91302