San Diego executors and trustees are personally liable for their actions during the administration of an estate or trust. When you are asked by a friend or family member to serve as the executor of their will or as a trustee it is perhaps one of the greatest compliments one can receive. It is a testament to the high level of confidence they have in you, as well as their trust in your honesty and integrity in how you will handle the affairs of their estate or trust.
However, serving as an executor or trustee places one of the highest legal burdens upon you – that of a “fiduciary duty.” This is the same legal duty a doctor has to their patient, a parent has for their child, and a spouse has for their husband or wife. It is to act in the best interests of the estate or trust, and to conduct all transactions in good faith, transparency, and honesty in accordance with the laws of California and the intentions left within the will or trust documents.
San Diego executors and trustees are personally liable for actions as you administer the will, estate or trust. This exposes you to civil lawsuits from many directions including creditors, beneficiaries, heirs, family members and friends and trust litigation. It is important to understand that your exposure does not end with the completion of probate or the end of your services as a trustee or executor. The statute of limitations for a fiduciary only begins with the discovery of the “wrong doing.” This means your exposure can last for years. For example, if a fiduciary attempts to conceal theft, the statute of limitations begins to run when the “victim” knew or should have known of the wrong doing. This can literally be decades later.
The fact that San Diego executors and trustees are personally liable is the primary reason you should contact the experienced trust and probate administration attorneys at Allen Barron. We advise trustees and executors at every step of their duties to ensure timely completion of all requirements and completion of all responsibilities in accordance with California law. We assist in the preparation of all associated tax returns, financial documents and disclosures, and communications with beneficiaries and heirs. We provide strategies which ensure the fiduciary provides certain petitions and accountings to the Court and associated parties to ensure our clients are protected and most causes of action are barred in the future.
If you are an executor or trustee the estate or trust should pay the legal fees required for you to execute your responsibilities. We invite you to contact the experienced trust and estate attorneys, tax, accounting and legal team at Allen Barron for a free consultation at 866-631-3470.