Most Common Scenario:
Mom and Dad created an estate plan that includes a family trust. They appointed themselves as co-trustees, and nominated their first born child, Daughter, to serve as the successor trustee upon their demise. Under normal circumstances, neither Mom nor Dad will ever have to prepare a family trust accounting for beneficiaries.
After Mom and Dad pass-away, however, if Daughter accpets to nomination to serve as trustee, she must account to each interested person. That duty is spelled out in California Probate Code section 16062.
Preparing a probate code compliant account that clearly reflects trust assets, liabilities, income and expenses is challenging. Mistakes here often lead to very serious problems for trustees. They may be replaced by another successor trustee, disowned by family members and personally surcharged by the probate court for damages caused by their mistakes.
Trustees have the right to use trust assets to hire attorneys to help them with trust administration duties. Professional trustees would never take on trust administration without the assistance of an attorney. Why would you?
We are always here for you.
Call Today for Trustee Representation: (714) 963-7543