Justia Order for Trustee to Act as Attorney or Accountant Form
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People also ask
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How do you hold a trustee accountable?
The Options for you to Hold the Trustee Accountable Contact the Trustee. ... Write a Letter. ... Hire an inexpensive lawyer. ... Hire an expensive lawyer. ... Hire an attorney who can take court action.
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Can a trustee not provide accounting?
If you can provide evidence in your court petition that the trustee is refusing to give accounting, and thus, has committed a bsignNow of trust, the court is likely to grant your petition to compel the trustee to produce an accounting. In the petition, you can also seek reimbursement of your attorney fees and costs.
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How long does a trustee have to give an accounting?
Under California Probate Code §16062, trustees must account to each beneficiary at least annually, at the termination of the trust, and upon a change of trustee. Trustees must also provide an accounting within 60 days if a trust beneficiary demands an accounting in writing.
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Do trustees have to prepare accounts?
Duty to prepare trust accounts Trustees have a duty to account to the beneficiaries for their financial administration of the trust fund. However, there is no statutory duty to prepare accounts. Consequently, trustees have much flexibility in how their duty is to be fulfilled.
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What happens if a trustee does not provide accounting?
If the trustee fails to account, he or she is in violation of the statute and his or her fiduciary duty. If the beneficiaries are harmed by the lack of accounting, the trustee may be liable. Further, the court may become involved, may levy sanctions and could even remove the trustee.
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Who is the best person to be a trustee?
They should be people you know and trust, people whose judgment you respect and who will also respect your wishes. When choosing a successor, keep in mind the type and amount of assets in your trust and the complexity of the provisions in your trust document.
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What is the duty of a trustee to provide accounting?
Under California Probate Code §16062, trustees must account to each beneficiary at least annually, at the termination of the trust, and upon a change of trustee. Trustees must also provide an accounting within 60 days if a trust beneficiary demands an accounting in writing.
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What can a trustee not do?
A trustee must abide by the trust document and the California Probate Code. They are prohibited from using trust assets for personal gain and must act in the best interest of the beneficiaries. Trust assets are meant for the benefit of the trust beneficiaries and not for the personal use of the trustee.
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