San Jose Trust Administration Attorney

Experienced San Jose Trust Administration Legal Guidance

Whether you have been named a trustee or a successor trustee of a trust, it is a good idea to discuss your duties and obligations with an experienced San Jose trust administration attorney such as myself, Timothy D. Henry. As a proud member of WealthCounsel® and with extensive experience assisting executors and trustees with their duties, I am well-qualified to provide you with legal advice and representation.

Trusts play a key role in my practice, as I frequently incorporate revocable and irrevocable trusts in my clients' estate plans. With an in-depth understanding of the various types of trusts available, their benefits and what they can and cannot do, I regularly advise trustees on how to carry out their duties in accordance with California's laws and how to perform these responsibilities seamlessly.

Understanding Your Role as a Trustee in California

Whether you have been named a trustee or a successor trustee, it's very important that you understand your responsibilities and how to carry them out correctly. The grantor (creator of the trust) should have made you familiar with where the trust document, trust assets, insurance policies (medical, life, disability, long-term care), and other important documents are located.

Some people are very private about their finances, so don't be offended if the grantor hasn't shown you the values of his or her trust assets.

Remember that when you step in as a trustee, these are not your assets. You are safeguarding them for the benefit of the grantor (if living) and the beneficiaries, who are the ones who will inherit them when the grantor dies. As a trustee, your responsibilities include:

• You cannot commingle trust assets with your own.
• You must maintain separate checking accounts and investments.
• You cannot use the trust assets for your own benefit.
• You must invest wisely and cannot make risky investments.
• You cannot engage in a conflict of interest. 
• You are responsible for keeping detailed and accurate records, filing tax returns and reporting to the beneficiaries as directed in the trust document.