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Webinar: Risk Mitigation For The Successor Trustee

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July 30 @ 12:00 pm 1:00 pm

1 Legal Specialization in Estate Planning; Trust & Probate Law, 1 Participatory MCLE Credits

It’s hard to be a successor trustee. The common preference of most settlors is to name a non-professional – typically a family member or friend – as the successor trustee. Unfortunately, few of these successor trustees have the time, interest, or training to manage the complex responsibilities required of a trust administration. Due to their unfamiliarity with the role, successor trustees face a high risk of making mistakes and exposing themselves to personal responsibility. During this webinar we will explore the seven key risk mitigation strategies that, if adopted, can dramatically reduce the risk of the administration.

CPC §16040: The trustee shall administer the trust with reasonable care, skill, and caution under the circumstances… How is the successor trustee to prove they have fulfilled their duty of prudence? 

CPC §16063: The trustee shall account at least annually, at the termination of the trust, and upon a change of trustee, to each beneficiary… Can a non-professional successor trustee do this without a CPA?
CPC §15601: If the trust instrument does not specify the trustee’s compensation, the trustee is entitled to reasonable compensation under the circumstances.  How much is too much to pay the trustee?

CPC §16052(a): A trustee may delegate investment and management functions as prudent under the circumstances… How can this record be created to prove compliance with the statute?

CPC §16047(b): A trustee’s investment decisions must be evaluated as part of an overall investment strategy… Should a trustee “stress test” a long term trust?

CPC §16050 & §16053: A trustee may give a notice of a proposed action or a decision to not take an action. When should a NPA be used?

To the extent the trustee is dilatory or inefficient in the administration of the trust, he is in breach of trust…  How to prevent delays when everyone else is busy?

Speaker: Josh Yager

Non-Member Price
$75.00

Member Price
$55.00


Josh Yager is a trust and estate attorney and the managing partner of Anodos. The Anodos team helps the non-professional successor trustee settle the estate/trust twice as fast at half the cost with lower risk. We specialize in “orphaned settlements” where the drafting attorney is retired, too busy or dead. We don’t draft trust documents, manage money, or sell insurance. Efficient trust/estate settlements are all that we do.

We are committed to accessibility! Virtual events are equipped with closed captioning. To request an in-person accommodation, send us a note at accessibility@calawyers.com or contact us at 916-516-1760 for assistance.

 

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