Accounting for a Trustee or Power of Attorney

For anyone that is a trustee of a trust or power of attorney for a principal, you know that you have quite a lot of control over one’s assets. In addition, you alone are responsible in making sure the trustor or principal’s assets are properly handled, prudently managed and/or invested, and handled according to the wishes of the trustor.

Have you ever thought of accounting for all the income you are receiving and expenses you are expending on behalf of the trust or principal? The California Probate Code requires the trustee of a trust and agent of a principal’s property to account for all assets that are managed by the trustee or agent. Failure to do can result in the trustee or agent being required to individually replenish unaccounted funds belonging to a trustor or principal. Therefore, it is imperative that if you are serving as a trustee or agent that you account for all income and expenses related to the management of the assets.

Here at Chauvel & Glatt, we have a solid network and professional resources to guide you through your role as trustee of a trust and/or agent over a principal to ensure that the process is smooth and easy. To learn how our attorneys can assist you with your estate planning or other legal needs, contact us today.

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