What Do I Do If I SUDDENLY Become a Successor Trustee?

RISKS of being trustee! Let's talk duties of trustee, trustee responsibilities to beneficiaries, roles of trustees in a trust 👉 Book a Call at https://www.cunninghamlegal.com/book-... to discuss trust administration services & your own California Trust Administration checklist.

Does a trustee have any personal financial risks? You bet.

Trusts are controlled by trustees. But if a trustee becomes incapacitated or refuses to continue serving, the responsibility falls to a “successor trustee” who may be named in the trust, chosen by a “trust protector,” or even by a judge. Assuming the duties of a trustee or co-trustee when a loved one becomes incapacitated triggers a whole series of duties and responsibilities that you likely don’t know much about—along with personal liabilities that can be downright scary. Is a trusteeship in your future? Join us for an informative webinar where we outline the role, the duties, and the issues you may face!

Jim Cunningham, Janice Lee Shen, and guest David MacMahan talk about:

00:00 - CunninghamLegal Estate Planning Attorneys and Offices
01:58 - What Do I Do If I SUDDENLY Become a Successor Trustee?
05:00 - BIGGEST Mistakes You Can Make...
06:12 - Six "Big Rock" Issues
06:45 - What is a Trustee? What is a Beneficiary?
0:10:05 - Why do People STOP Serving as Trustee?
0:12:05 - Incapacity of Person Who Created Trust
0:19:50 - Death of Person Who Created Trust
0:24:20 - Death of a Married Person
0:29:50 - Death of a Married Person: What NOT to Do
0:31:10 - Death of a Married Person: Portability
0:32:30 - Death of a Married Person: The B Trust
0:33:00 - Whether & When to Hire Professionals
0:35:05 - David MacMahan of Fairsplit
0:37:50 - So, Why Would a Family Dividing Personal Property Need Specific...
0:39:59 - A Fair Process? Why Online is Likely Better
0:46:35 - Duties and Liabilities
0:54:45 - Record Keeping & Accounting

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for California Living Trusts, Estate Planning, and Trust Administration.

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