The simple answer is yes, a Trustee can also be a Trust beneficiary. In fact, a majority of Trusts have a Trustee who is also a Trust beneficiary. Nearly every revocable, living Trust created in California starts with the settlor naming themselves as Trustee and beneficiary.
Can California attorney represent trustee beneficiary?
An attorney is a fiduciary who owes a duty of loyalty to his/her clients. An attorney cannot simultaneously represent both the trustee and the beneficiary with regard to the beneficiary’s request for a discretionary distribution from the trustee, and the trustee’s consideration of such request.
How much does a trustee make in California?
The average salary for a trustee is $110,425 per year in California.
Is a trustee always a beneficiary?
The short answer is yes, a trustee can also be a trust beneficiary. Many people use living trusts to guide the inheritance process and avoid probate. In many family trusts, the trustee is often also a beneficiary.
Why does a trustee need an attorney?
Trustees have many responsibilities during the administration process, several of which may not be outlined in the trust instrument. An attorney can help you to administer a trust correctly and save you a lot of time and energy making sure you follow California law.
Can trusts hire people?
The Trust Instrument: California Law Independent of Trust Authorization: Under Probate Code §16247, the trustee has the power to hire persons, including accountants and auditors, even if they are associated or affiliated with the trustee, to advise or assist the trustee in the performance of administrative duties.
Who is the trustee of a trust in California?
The trustee primarily administers the trust by its written terms, which express the trustor’s intent (Cal. Probate Code §§16000, 21101 and 21102). This can be a complicated issue.
How does a living trust work in California?
Typically, the laws of the state where the trust is established are initially chosen. Accordingly, when a California resident establishes a living trust for his California assets, California law governs. A California court is then much better able to understand how the terms…
Can a lawyer represent a co trustee of a trust?
A trust is not a legal entity, but rather a fiduciary relationship where one or more trustees holds property for the benefit of certain beneficiaries. Hence, a lawyer does not represent “the trust” but instead represents one or more co-trustees to guide them with respect to trust administration.
When to remove a co-trustee in California?
Under California Probate Code section 15642, if hostility or lack of cooperation among family member co-trustees impairs trust administration to the detriment of the beneficiaries, the court can end the gridlock by removing all of the co-trustees and appointing a third party to serve as sole successor trustee.
