Daniela Lungu Law Header

Home
Areas of Practice
Do I need a Trust?
Types of Trusts
Durable Power of Attorney
Are You a Successor Trustee?
Forms and Resources
Testimonials
Blog of the Law Office of Daniela Lungu
About Daniela Lungu
Contact Us


Call Daniela Lungu for
Immediate Legal Assistance
(925) 558-2710

 
Successor Trustee

Duties of the Successor Trustee

The Successor PieBecoming a Successor Trustee is an important decision, and one not to be taken lightly. If you have already made the important decision to take on the responsibility for being a Successor Trustee, or have been asked by a family member or friend to become one in the future, the following descriptions of the statutory requirements of a trustee may provide answers to certain questions or concerns you have regarding the position of the successor trustee.

On acceptance of the trust, the successor trustee has a duty to administer the trust according to the trust instrument and sections of the Probate Code (sec. 16000 et seq.). Some of those duties include:

  1. Trustee has a duty to administer the trust solely in the interest of the beneficiaries, which means dealing impartially with two or more beneficiaries, particularly in investing and managing the trust property, taking into account any differing interests of the beneficiaries.

  2. A trustee has a duty not to use or deal with trust property for the trustee's own profit or for any other purpose unconnected with the trust, nor to take part in any transaction in which the trustee has an interest adverse to the beneficiary.

  3. A trustee must make trust property productive, unless otherwise directed by the trust instrument.

  4. A trustee must keep trust property separate from other property not subject to the trust, including his or her own property.

  5. A trustee must take reasonable steps to enforce claims of the trust and defend actions that may result in a loss to the trust.

  6. A trustee shall administer the trust with reasonable care, skill, and caution under the circumstances then prevailing that a prudent person acting in a like capacity would use in the conduct of an enterprise of like character and with like aims to accomplish the purposes of the trust as determined from the trust instrument.

  7. A trustee shall exercise reasonable care, skill, and caution in investing trust assets. In making and implementing investment decisions, the trustee has a duty to diversify the investments of the trust.

  8. A trustee must keep the beneficiaries reasonably informed of the trust and its administration.
 
 
Search Magnifier  
 
Daniela Lungu

Law Offices of Daniela Lungu
4695 Chabot Drive, Suite 200
Pleasanton, CA 94588

Phone: (925) 558-2710
Fax: (925) 558-2701

Home | Areas of Practice | Trusts | Resources | Testimonials | Contact Us
Copyrights 2007-2018, LunguLaw.com
Disclaimer | Privacy Policy | Site Map


The materials appearing on this site are provided for informational use only, and are in no way intended to constitute legal advice
or the opinions of this law firm or any of its attorneys. Transmission or receipt of any information from this site does not create
an attorney-client relationship, and you should not act or rely upon any information appearing on this site without seeking the
advice of an attorney.