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  • A Trustee’s Fiduciary Responsibility

    Many people feel honored to be asked to serve as a trustee of a trust without realizing the responsibility it entails. A trustee has a legal relationship with the beneficiaries of a trust. This legal relationship imposes many duties and obligations on the trustee.

    Among these duties are the duty:

    • to act with a high standard of care,
    • to gather, manage and control the trust assets,
    • of loyalty to all parties,
    • to avoid a conflict of interest,
    • to treat all beneficiaries equally,
    • to carry out the terms of the trust, and
    • to invest and manage assets in accordance with the terms of the trust and the law.

    A trustee must take care to avoid co-mingling the assets of the trust with the trustee’s own assets. A trustee must be prepared to report to the beneficiaries to keep them informed of the trust’s activities and a trustee generally will have a duty to account to the beneficiaries for the assets, the income, and the expenses of the trust.

    These are just a few of the many legal duties and obligations imposed on a trustee. We have prepared a guide for trustees to aid them in undertaking the administration of a trust. When we meet with clients that will administer a trust, we strive to explain the duties of a trustee and to guide them through the process of administering a trust.

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24 Professional Center Parkway
Suite 120
San Rafael, CA 94903

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Contact
Phone: (415) 491-5000 Email: kristi@fl-law.us darin@fl-law.us
  • Home
  • About Us
  • Our Staff
    • Darin A. Leviloff
    • Kristi Edwards
    • Henry Froneberger
  • Practice Areas
    • Estate Planning
    • Trust Administration/Probate
    • Estate Litigation
    • Real Property
    • Litigation
  • News & Articles
  • Legal
  • Visit/Contact Us
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