Trustees AT RISK - How to Avoid Being Sued or Even Jailed

California Estate Planning Attorney explains legal responsibilities & serious liabilities of acting as the Trustee of a Trust. 👉 Book a Call at cunninghamlega.... to make sure you avoid lawsuits or even jail as a Trustee.
If you are named as the Trustee of a loved one’s estate, you may at first think it an honor. Pretty soon, however, you may think it a burden. And eventually, you may well see it as a terrifying liability. Not only are the hassles high and the chance of errors higher-but your actions may trigger a lawsuit, or you may be held personally liable and potentially even go to jail if you do not follow the Trust and handle assets properly. If you do follow the Trust precisely, there are plenty of other laws that must be followed, and many are the Trustees who wish they had engaged a competent attorney to help them early on. In this important webinar, we’ll review the laws for Trustees to make sure you are fully informed and don’t expose yourself to excessive risk. Safety first!
In this legal webinar we cover the traps Trustees face like:
1. Lack of communication and knowledge
2. The expectations of an Executor
3. Ignoring fiduciary duties
4. Durable Power of Attorney
5. Trustees going “DIY”
6. Beneficiaries’ rights
7. Not considering a corporate or professional Trustee
8. The No-Contest Clause
9. COVID
10. Blowing off mediation
11. Being untrustworthy
12. Rehashing childhood
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[@melissakhlif]

I'm a non-attorney fiduciary accountant for a trusts and estates law firm with bar licenses in DC, MD, VA. Although you are in California, this is great information. Even non-attorney "team members" for clients need to understand all these intricacies to ensure non-attorney clients serving as trustees for family trusts comply with accounting rules and ethics. As the accountant, it's my responsibility to point out any accounting irregularities to the billing attorney. As the daughter of a beneficiary of a trust, it's also educational. Thank you!! ❤❤

[@CunninghamLegal]

Thank you for leaving a comment! We are currently looking to form referral relationships in other states. If your firm is interested, please reach out: www.cunninghamlegal.com/california-law-offices/contact/

[@a-a-ronbrowser1486]

This is amazing!!! I’m in a dispute now. A trust protector is so important. That would have saved so much money and heartache

[@dennykeaton9701]

What is a trust protector?

[@a-a-ronbrowser1486]

@@dennykeaton9701 from what I understand and in short. It’s a designated person that has the ability to remove a trustee without the court.

[@dennykeaton9701]

@@a-a-ronbrowser1486 Thanks.🙏

[@tiamarrie3166]

The act of 1877 declared the United States a foreign corporation, so wouldnt that make all US Trusts "foreign trusts"?

[@CunninghamLegal]

We have written a blog on this subject and it should answer all your questions: www.cunninghamlegal.com/what-is-a-trust-protector-and-do-i-need-one-estate-planning-tips/

[@bcase5328]

Maybe there should be a state registry of wills and trusts in each state where any new wills or trusts are counted. The attorney who was involved with the writing, notary involved and date, listed in that data bank.

[@CunninghamLegal]

That's an interesting idea. A state registry could make handling wills and trusts clearer and faster. But, we'd need to ensure people's private details are safe, and it could be quite costly to set up and run because of the volume of documents that would need to be recorded.

[@interested891]

Great talk and very helpful! Terrifying... but helpful.

[@CunninghamLegal]

Glad it was helpful!

[@northestreet]

What alternate trustee options are there for someone who has high -risk beneficiaries and no one personal who wants to take on responsibility of trustee?

[@CunninghamLegal]

We actually have an upcoming webinar on this! There are Professional Trustees, which are typically companies that you can pay to act as your Trustee: www.cunninghamlegal.com/independent-trustee-what-is-it-and-should-you-have-one/ We also touch on it in this video: kzbin.info/www/bejne/q3Kmi2hveb1_r6s

[@lynnschmidt8421]

When you are checking into a trustee, and he says" I'm hiring a attorney for me and the trust has to pay for this attorney" is that someone afraid of his power? Or he's not really sure of himself etc.?

[@CunninghamLegal]

Under California law, when a trustee hires an attorney to represent the trust as trustee, the trust typically pays for it. The catch is that if the trustee stops being trustee, the next trustee in line has full access to the legal advice the former trustee received from the lawyer.

[@lynnschmidt8421]

@@CunninghamLegal He actually said he needs a lawyer to protect him. Is this someone who has been possibly sued before. Also I have looked up who qualifies has a SNT. I do not qualify for this trust. Can I receive my home and money back in my name, if I can prove this?