California Trustee Guidance
If you’re looking for information on California trustee guidance, you’ve come to the right place. Trustees are responsible for administering trusts and carrying out the terms of the trust agreement. Trustees have a fiduciary responsibility to administer the trust in accordance with the terms of the trust agreement and applicable law. Trustees must also act in good faith and in a manner that is consistent with the best interests of the beneficiaries.
A common question asked is what do I do as a trustee? The answer depends largely on what the original trust document specifies. By and large, however, there are numerous duties that California law imposes on all trustees. Additionally, these duties may be added to (or, at times, subtracted from) in accordance with the terms of the trust document.
Some important key terms regarding trustees in California include:
Fiduciary duties are the obligations that a trustee has to the beneficiaries of the trust. The trustee must always act in the best interests of the beneficiaries and must use prudence and care when making decisions about the trust assets.
The best interests of the beneficiaries, which refers to the duty of loyalty. The trustee must always act in a way that is most beneficial to the people who are benefiting from the trust. This includes taking into consideration their needs, wishes, and circumstances.
The prudent investor rule, is a set of guidelines that trustees must follow when making investment decisions. The rule requires trustees to diversify the trust assets so that they are not overly exposed to risk, and to take into account the needs of the beneficiaries when making investment choices. Diversification is a key element of the prudent investor rule. It means that trustees should not put all of the trust assets into one type of investment
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