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Affidavit of successor trustee California

 

If your friend or loved one has named you as a successor trustee of their revocable living trust in California, you may be wondering what actions you will need to take.

Affidavit of successor trustee California

If your friend or loved one has named you as a successor trustee of their revocable living trust in California, you may be wondering what actions you will need to take. As a successor trustee, you will only need to act when the trustor has passed on or otherwise becomes incapacitated. You are then obligated to immediately step in and assume the essential legal responsibilities of managing the Trust.

The successor trustee’s first step is to assert your control over the Trust by re-titling the assets into your name as successor trustee. To do so, you will need to execute the affidavit of the successor trustee form. The affidavit of successor trustee for California specifically requires that you provide proof of incapacity (most commonly a death certificate) and evidence that you have the authority to act as successor trustee (the Trust with any amendments). This formality demonstrates to the beneficiaries and anyone who looks at the title that there has been a trustee change and that any further business conducted with the Trust will go through you.

As a successor trustee, you are responsible for managing the beneficiaries’ funds and property under the Trust’s terms and conditions. You have a fiduciary duty to follow the Trust’s directives and collect, safeguard, and preserve trust assets for the beneficiaries. If you breach that duty, you could be held liable for your actions.

In some cases, trust owners will designate two people as successor co-trustees of the Trust. This means that two people will be in charge of managing one Trust simultaneously. This can create issues, such as a dispute over control or a difference in opinion over how trust assets are being managed or invested.

The affidavit of successor trustee in California is one of the most important first steps to establish yourself as a successor trustee. Consider it an honor to have been named as a successor trustee. Trust owners take great care in choosing a successor trustee who is trustworthy, responsible, and exhibits dedication even in the face of contention and pressure.

Most importantly, you should obtain professional assistance from an experienced trust attorney, whether you need help with the affidavit of successor trustee form or need more in-depth help regarding a contested trust. Our experienced trust attorneys may be able to help you. Contact us today to set up a consultation.

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