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Southern California estate planning attorney Tony J. Tyre, founder of The Law Offices of Tony J. Tyre, Esq., APC, lists the top three reasons why a successor trustee has a duty to act in the best interest of the named beneficiaries. "They must avoid self-dealing by not deriving a personal gain in any way from [...]
Scenario: Your father was smart enough to have a trust drafted. As a result, his property can pass to you and his other beneficiaries without the lengthy and costly process of going to probate court. Now what? When your father had a trust drafted, he became both the Trustor (trust creator) and the Trustee (the [...]
What is a Successor Trustee? A Successor Trustee is a person who takes over the management of a trust after the initial trustee dies or is unable to fulfill their responsibilities. The Successor Trustee is responsible for executing the trust and managing it until the assets of the trust are distributed to the beneficiaries according [...]
