You have just found out you were named trustee of your friend’s trust, and immediately accepted the position without any hesitation. But what does being a trustee actually mean? While it is great that your friend has entrusted you with such a responsibility, it is important for you to understand what that responsibility entails.

As a trustee, you now have what is called a “fiduciary duty” owed to the beneficiaries of your friend’s trust and estate. This means that you are legally obligated to follow the terms of the trust and manage the trust accordingly. You also will be held legally liable to the beneficiaries of the trust whenever you act on behalf of the estate. For example, if the trust allows you to invest the trust assets for the benefit of the beneficiaries, and you embezzle or mismanage the assets, you could be held legally liable to the beneficiaries for all of the monetary damages incurred.

A trustee essentially acts as a “manager”. As a manager of your friend’s trust and estate, you are responsible for the administration and distribution of the assets of the trust. There are rules and regulations to follow when acting as a trustee that are set out by the California Probate Code, as well as additional duties that your friend might have stated in his trust. Complications might also arise if you find that some bank accounts or other assets have not been transferred properly to the trust.

We recommend that you thoroughly read the terms of the trust before beginning any type of administration. Additionally, it is best to retain an attorney who is experienced in trust administration to help you throughout the process. There are several legal documents that need to be filed, as well as important deadlines to meet to be in compliance with California Probate Code.

Our team has helped countless families with the administration of their trusts. We ensure open communication between all of the parties involved so as to make the process as easy as possible. If you have been named as a trustee of a trust, and need some legal guidance, please feel free to call us for an initial complimentary consultation. 818.956.9200

Glendale Location

616 E. Glenoaks Boulevard, Suite 203

Glendale, CA 91207

Sherman Oaks Location

15303 Ventura Boulevard, Suite 900

Sherman Oaks, CA 91403