What Powers Does a Trustee Have

1-888-318-4430

What Powers Does a Trustee Have

Trustee Powers

People often ask, “What Powers does a Trustee have”? First, the powers of the Trustee comes from a basis of living up to their fiduciary duty meaning, to stay transparent in all dealings and reasonable updates to the beneficiaries and heirs through annual reporting. The Trustee must follow the instructions in the Trust document. Therefore, the Trustee has both duties and powers and much responsibility! Trustee education is the key!

What Powers Does a Trustee Have

HESS-VERDON IS YOUR #1 SOUTHERN CALIFORNIA TRUST & ESTATE LAW FIRM

(DEEP BENCH COURT TIME)

 Trustee Powers

With that said, the powers come from the state legislation for estate planning. A core tenet for estate planning is to transfer assets in anticipation of death to your loved ones and to preserve the maximum amount of wealth possible using estate planning vehicles like revocable and irrevocable trusts.

When a Trustor/Grantor dies, the powers of the Trustee are set in motion. A revocable trust becomes irrevocable, and the trustee powers are to live up to the Trustor’s wishes and stay compliant to state laws.

What Power Does a Trustee Have Over a Trust

  1. Buying and selling of Assets
  2. Determining distributions to the beneficiaries under the trust instrument
  3. Hiring and firing advisors
  4. Making income distributions
  5. Power to lease
  6. Power to Administer the Trust
  7. Duty to defend the Trust
  8. Duty to Report
  9. Trust Termination

With that said, the duties of a Trustee are expansive yet overseen by the beneficiaries via transparency. It is important to note that the assets in the Trust are not the Trustees. The Trustee is safeguarding the assets for others, therefore no commingling of funds and using the Trust as a piggy bank. 

Does a Trustee have the power to ask for professional assistance?

The Trustee has the right to search out professional accountants, attorneys, appraisers, etc., to help complete the distribution of assets to the beneficiaries promptly. Note: There are time-tables associated with the time allotted for keeping a Trust open. The Trustee and Beneficiaries must know and stay reasonable in their expectations.  

What Powers does the Trustee Not Have?

As a Trustee, you have duties and powers to protect the assets of the estate. Now, just because a Trustee has powers to sell an asset, for example, does not give them the right to sell below market value to a friend, for example. The estate is not the assets of the Trustee, and should any breach of fiduciary duty take place, the beneficiaries can petition the courts to remove the Trustee.

Lastly, a Trustee can be a beneficiary, and there may be more than one Trustee (Trustee and Co-Trustee). The Trustee is held responsible for the misappropriation of Trust funds, including stealing/embezzlement. Therefore the powers of the Trustee are for the benefit of the estate, not the Trustee.

Have Your Case Reviewed Today by a Hess-Verdon Attorney
Call 1-888-318-4430

Search Trust Litigation & Estate Planning Attorneys

Serving Trust Litigation: Throughout the state of California

Serving Counties: Orange County, CA. , Los Angeles County, Riverside, CA., San Diego, CA.

Serving Cities Nearby: Newport Beach, Huntington Beach, Irvine, Costa Mesa, Laguna Beach, Newport Coast, Corona Del Mar, Anaheim, San Juan Capistrano, San Clemente, Buena Park, Fullerton, Orange, Lake Forest, Laguna Hills, Garden Grove, Tustin, Yorba Linda, Fountain Valley, Dana Point, Rancho Santa Margarita, Ladera Ranch, Placentia, Laguna Woods, Aliso Viejo, Coto De Caza

 

What Constitutes a Breach of Fiduciary Duty?

What constitutes a breach of fiduciary duty? Well first, let us go over the responsibilities of the Trustee, Executor, and Estate Administrators to understand their responsibilities better. First and foremost, any action a Trustee takes must show their efforts were for the Trustor and beneficiaries wherein their duty of loyalty, impartiality, prudent investing, fiduciary accounting, defending against claims, and self-dealing are at the forefront before their wishes. Within the Trust are sections describing how the beneficiaries and heirs will receive their part of the estate. With that said, the Trustee must maintain transparency at all times with the beneficiaries.

So what constitutes a breach? Below are just some reasons to sue a Trust for breach their fiduciary duty:

  1. Trustee refuses to give an accounting: When mismanagement of a Trust is at its highest probability, typically, the Trustee and Co-Trustees refuse to provide updates to the beneficiaries. Not giving periodic updates is a sure sign for seeking counsel. Note: The Trust is a fiduciary arrangement that allows a third party, or Trustee, to manage and hold assets on behalf of a beneficiary or beneficiaries.
  2. Trustee stealing from a Trust: Stealing from a Trust, i.e., embezzlement, is a crime. Note: You cannot threaten to have someone charged criminally in hopes of taking advantage of their situation. Blackmailing exposes you to possible criminal liability.
  3. Self-Dealing – Self-dealing includes actions such as purchasing assets from the Trust, borrowing from the Trust even if it was repaid, investing in the Trustee’s own business, etc.

The bottom line, transparency is key to any successful Trust Administration process.

How Do I File a Breach of Fiduciary Complaint Against a Trustee

Documentation of suspicious activity is needed. You are required in order to show reasonable expectations, i.e., understanding time-frames, etc., with documentation following up with your concern with the Trustee. The next step is to find a highly sought out trust ligation firm that specializes in your exact case scenario. Moreover, ask questions regarding court time. 

We understand these are trying times. Here at Hess-Verdon, we have worked with thousands of clients throughout our tenure, and we are here to help you make the right decision.

Is Breach of Fiduciary Duty a Crime

A breach of fiduciary duty is not a criminal act but can be associated with one. For example, if the Trustee was self-dealing, e.g., selling a property, for instance, way below fair market value to a friend or themselves, then a court may see this as a form of embezzlement. Embezzlement is a crime. In the case of negligence, then it’s not a crime, but the beneficiaries still may go after the Trustee in civil court.

How Long does it take to Settle a Trust

Settling a Trust is a subjective question because each Trust is slightly different from another. For example, there may be several properties to sell, while another Trust has no real estate. But if you are looking for an average time-frame, Trust Administration is between 12-18 months. 

 

Trustee Removal

Are you a Trustee or Beneficiary where protection of the Trustors wishes are being challenged and causing family disputes?

Develop strategies on preempting a Trust dispute and discover What You Need to Know About the Trustee Removal Process

Hess Verdon has a deep bench and knows both sides of the equation to remove or suspend a Trustee or to safeguard the Trustee from a frivolous legal process. Hess-Verdon top litigators will help you stay on track!

 

Contact Us Green What Powers Does a Trustee Have and What to Consider!

 or Call Now

(949) 706-7300

Beneficiary is attacking me

Attacked by a beneficiary who objects to how you, a Trustee, or Administrator, is handling an estate?

Prevent Trustees from Making Some Common Mistakes. 

Duties | Delays | Choices | Distributions

Timing on each one is critical to avoid litigation

Hess-Verdon has over 30 years of dealing with Beneficiary and trustee disputes. Let us review your situation. You’ll be glad you did. Contact us for a No Charge, No-Obligation Consultation.

Contact Us Green What Powers Does a Trustee Have and What to Consider!

 or Call Now

(949) 706-7300

Contesting a Trust

 Are You Considering Contesting a Trust or the most recent amendment? Was there a capacity issue or undue influence?

Be Careful when contesting a trust and know the elements it takes to protect the trust assets. Reserve your rights before Statute of limitations happen!

Hess-Verdon works hard to resolve Trust and Estate issues and preserve the estate by minimizing costly litigation. Contact us for a No Charge, No-Obligation Consultation.

 

Contact Us Green What Powers Does a Trustee Have and What to Consider!

 or Call Now

(949) 706-7300

Hess-Verdon Team of attorneys

See our Successful Reviews!

stars 5 What Powers Does a Trustee Have and What to Consider!

“I have been working with this firm since 1994; you can’t beat a firm like this, that is so ethical and competent.”

Dixie Fisher

Client Since 1994

stars 5 What Powers Does a Trustee Have and What to Consider!

“We’ve always felt comfortable sharing our concerns with Hess-Verdon & Associates and have felt confident that the job was well done and the concerns answered.”

Malou Cole

Client Since 2006

You found the right team. See our Successful Reviews!

Hess-Verdon & Associates will Guide You through the Trust Administration Process!

Choosing the Right Trust Estate Litigation Lawyer is Crucial

Searching for an Orange County Trust Litigation attorney?  Hess-Verdon & Associates is one of the most knowledgable and most sophisticated trusts and estate law firm in the state of California at both the trial and appellate levels.

Our legal team of Trust Attorneys in Orange County, are well versed in estate planning, trust administration, and trust litigation.

Our viewpoint is the following:  Aggressive legal representation with a team of experts that protect you, our preferred client, with current tax and estate planning strategies.

Our litigation team has spent years acquiring extensive experience in trial preparation, strategy, and trial presentation to help you with your specific case. 

We welcome the opportunity to discuss your needs, our qualifications, staffing approaches, and rate structures with a view toward the successful resolution of Estateand trust-related matters.

Learn more about our Living Trust Attorneys.

Have Your Case Reviewed Today by a Hess-Verdon Attorney
Call 1-888-318-4430

Our knowledgeable and aggressive actions are necessary to ensure the trustor maintains their wishes on how the estate should be administered.

What are some common trust disputes: 

When we meet with clients, we will discuss Trust disputes as well and how to avoid them. Our team of attorneys will cover the beneficiary perspective and Trustee(s)’ aspect and the steps for both parties.

A Person may Bring a Cause of Action for the Following Reasons:

  • Trust Contests
  • Disputes involving interpretation of sophisticated estate plans
  • Disputes in Probate Court
  • Discussions regarding Trust Administration
  • Breach of Fiduciary Duty Claims and Ethical Concerns
  • Undue Influence and Elder Financial Abuse Claims
  • Business and Asset Valuation Disputes
  • Contested Conservatorships
  • Professional negligence and breach of duty defense for fiduciaries;
  • Petitions to include omitted assets into the trust (Heggstad Petitions);
  • Probate Code § 11700 proceedings to determine inheritance rights;
  • Property and entitlement disputes;
  • Recovery of lost, excluded, and disputed property (Probate Code § 850).
  • Trust Accounting disputes
  • Kinship proceedings
  • Surviving spouse’s right of election
  • Fiduciary litigation and removal proceedings
stars 5 What Powers Does a Trustee Have and What to Consider!

“Hess-Verdon is very professional and knowledgeable on corporate law, that can help with estate planning matters.”

Roy Trachsel

Client Since 1995

My Family is Suing me

Are you being sued by a family member over a Trust or Will?

From threats to harassment to emotional distress, many people’s knee-jerk reaction is to sue and has become increasingly common. 

There are many options to resolve a family dispute in court and out of court. 

With over 30 years, Hess-Verdon has handled Trust and Estate Lawsuits and dealing with family dynamics. Do not panic; Hess-Verdon is ready to help you today.

Contact Us Green What Powers Does a Trustee Have and What to Consider!

 or Call Now

(949) 706-7300

Trustee Delaying my Inheritance

Past the reasonable “time period,” and Trustee has yet to make the required distributions?

Diagnose the stalling tactics from an uncooperative Trustee and UNCOVER Steps to Take to Get the Trustee to Distribute Your Inheritance.

Hess-Verdon, for over 30 years, has worked on both sides of the coin. Receive counsel on staying on the right side of the courts. Seeing thousands of problems facing Trustees and Beneficiaries has allowed us to assist and complete the wishes of the Trustor/Executor. Contact us for a No Charge, No-Obligation Consultation.

  

Contact Us Green What Powers Does a Trustee Have and What to Consider!

 or Call Now

(949) 706-7300

Trustee Deadlines

Up against or even missed a deadline? Know which ones are upcoming?

Shore up your fiduciary responsibilities 

Conflict of Interest | Distribution of Funds | Upcoming deadlines

And put yourself back on track and avoid a trustee removal petition

Time is ticking, and seeking guidance from a Hess-Verdon Attorney is your attorney source to know protect your family’s legacy. Contact us for a No Charge, No-Obligation Consultation.

Contact Us Green What Powers Does a Trustee Have and What to Consider!

 or Call Now

(949) 706-7300

Changed Trust Before Death

Was a Trust changed while under the care of a brother, sister, or institution and possibly been influenced?

 Act fast and attain a strategy on resolving fraud, forgery, undue influence, while protecting your rights and staying on the right side of the court.

 Hess-Verdon & Associates helps seek proper legal advice and provides you with the sound direction you need to understand what constitutes an invalid Trust or amendment. Contact us for a No Charge, No-Obligation Consultation.

 

Contact Us Green What Powers Does a Trustee Have and What to Consider!

 or Call Now

(949) 706-7300

We are here to help!

Emotions Can Run High in Disputes Between Family Members, Especially in Matters Involving Money.

Need a Second Opinion?

Are you feeling your attorney is not answering your questions? 

Up against a deadline | Going over Budget | Case Taking too Long 

These are just a few reasons why you need a second opinion.

Hess-Verdon has a deep bench experience and works with the courts. If you have questions that your attorney is not answering, or the litigation has taken unexpected twists and turns, Hess-Verdon has handled Trust and Estate Lawsuits for over 30 years. Do not panic; Hess-Verdon is ready to help you today.

 

Contact Us Green What Powers Does a Trustee Have and What to Consider!

 or Call Now

(949) 706-7300

You found the right team. See our Successful Reviews!

stars 5 What Powers Does a Trustee Have and What to Consider!

Truly exceptional law firm! They provided concise, decisive legal assistance during unanticipated events during estate proceedings. They made a bad situation better. Our family will always be grateful. There is no one I would rather have than Hess-Verdon & Associates representing my family.

Wade Shannon

Client Since 2014

stars 5 What Powers Does a Trustee Have and What to Consider!

“Definitely a firm that will “fight to the finish.”

Frances Gruben

Client Since 2010

stars 5 What Powers Does a Trustee Have and What to Consider!

“Outstanding expertise and client support”

Suzanne Casey

Client Since 2018

Get In Touch

Our Trust Litigation Attorneys Fight to Protect Your Inheritance.

 

stars 5 What Powers Does a Trustee Have and What to Consider!

Truly exceptional law firm! They provided concise, decisive legal assistance during unanticipated events during estate proceedings. They made a bad situation better. Our family will always be grateful. There is no one I would rather have than Hess-Verdon & Associates representing my family.

Wade Shannon

Client Since 2014

stars 5 What Powers Does a Trustee Have and What to Consider!

“Definitely a firm that will “fight to the finish.”

Frances Gruben

Client Since 2010

Call 1-888-318-4430 or Contact Us Below

After filling out the form, it will be immediately received by our firm.  We will call you very shortly!

grate What Powers Does a Trustee Have and What to Consider!