Your duties as trustee
A successor trustee owes legal duties to the beneficiaries: to follow the trust, act in their interest, keep them reasonably informed and keep careful records. Mistakes can carry personal liability, so it is worth getting this right.
What California requires
- Notice within 60 days. When a trust becomes irrevocable, the trustee must notify beneficiaries and heirs under Probate Code section 16061.7.
- Inventory and valuation. Identify, secure and value what the trust owns, including real estate.
- Debts and taxes. Pay valid debts and file final income tax returns and any trust returns.
- Accounting. Report to beneficiaries on what came in, what went out and what remains.
- Distribution. Distribute according to the trust and close it.
How we can help
Some trustees want us to handle the whole administration with them. Others want limited guidance at key moments. We will talk through which fits your situation and your budget.
Successor Trustee School
Our free webinar walks through your duties, the first steps and the most common mistakes. Watch Successor Trustee School.