spacer spacer
    Joshua and Laura Meier Newport Beach Trust and Estate Planning Attorneys Focused on Helping Families with Young Kids
    Joshua and Laura Meier

    Social Networking

    Facebook Facebook Google Plus LinkedIn LinkedIn Twitter

  • Archives

  • Categories

  • spacer
    Jun 7 12

    Avoiding Trustee Tripwires

    Newport Beach Law Firm

    If you have been appointed the trustee of a trust, this is a strong vote of confidence in your judgment and probity. Unfortunately, it is also a major responsibility.

    A trustee should be, first and foremost, a “trustworthy” person. A trustworthy trustee acknowledges the challenges and responsibilities of holding this position. Accordingly, if you are establishing a trust or being asked to engage as trustee under one, then you should give thorough consideration to the attending responsibilities and potential liabilities.

    A recent article titled “A Brief Overview of a Trustee's Duties” is worth a look. The article offers eight crucial elements you need to understand and address, specifically: fiduciary responsibility, the trust’s terms, investment standards, distributions, accounting, taxes, delegation, and fees. Essentially, you must fully appreciate that the role of a trustee is jointly moral, legal, and fiduciary.

    You have a duty to the beneficiaries, a duty to the language of the trust (the express intent of the trust maker), and a duty to the assets themselves. This duty can be a treacherous tightrope to walk. If you are establishing a trust, understanding this means finding someone who would do as you would do, or better. And if you are a would-be trustee, understanding this means understanding your role and its rewards.

    Contact Meier Law Firm to learn more about selecting or being the trustee of a trust.

    Reference: (May 2012) “A Brief Overview of a Trustee's Duties

  • Frequently Asked Questions

    Click Here To Call Our Office

    Click here to Read Our Blog
    Wealth Counsel Member

    Orange County Young Executives  
  • spacer
    Welcome | Practice Areas | About Us | FAQs | Becoming a Client | Events | Advisors Forum | Newsletters | Contact Us | Blog | Disclaimer
    Meier Law Firm | 2103 Vista Entrada, Newport Beach, CA 92660
    phone: 949.718.0420 e-mail: