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The trustee is prohibited from using his/her power for an advantage to the detriment of the beneficiaries. Duty to Avoid Conflicts of Interest A trustees duty to avoid conflicts of interest helps ensure that the trustee does not bdocHub the duty of loyalty.
Every person capable of holding property may be a trustee; but, where the trust involves the exercise of discretion, he cannot execute it unless he is competent to contract. No one bound to accept trust. No one is bound to accept a trust.
Generally, the person who oversees your estate is known as your personal representative. California law also refers to a personal representative as an executor or administrator. All three terms describe the same function, although there is a legal distinction between their method of appointment.
You and your co-trustees must: make sure the charitys assets are only used to support or carry out its purposes. avoid exposing the charitys assets, beneficiaries or reputation to undue risk. not over-commit the charity. take special care when investing or borrowing.
A reasonable hourly rate for a private trustee is often in the $25-35 per hour range. Trustees should keep a detailed log from the very beginning of all time spent doing trust-related activities, including the task completed and how long it took.
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The Five Biggest Trustee Duties Follow Trust Terms. The Trustee has a duty to follow the Trust terms. Duty of Loyalty. A Trustee must be loyal to the Trust beneficiaries. Report Information and Accounting. Make Required Trust Distributions. Duty to Invest Prudently.
For the most part, corporate trustees are compensated through a percentage of the trusts assets, typically between 1% and 2% per year. In other words, if a trust has $2 million in assets, a corporate trustee would receive annual fees between $20,000 and $40,000.
Persons disqualified: Alien enemy, insolvent persons, persons domiciled abroad, a married woman and a minor. Administration: Where the trust involves the receipt and custody of money, there must be at least two trustees.
The trustee is prohibited from using his/her power for an advantage to the detriment of the beneficiaries. Duty to Avoid Conflicts of Interest A trustees duty to avoid conflicts of interest helps ensure that the trustee does not bdocHub the duty of loyalty.
The Role of a Trustee in California A trustee is responsible for administering a trust to the beneficiaries according to a legal agreement. Whereas an executor distributes a deceased persons assets according to a will. Executors must obtain a court order to act on a will.

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