Milpitas, CA estates & probate attorney Elijah Keyes discusses the potential risks associated with being a trustee. He notes that serving as a trustee is a demanding and often thankless role, carrying significant responsibilities with little public recognition. A trustee manages assets on behalf of beneficiaries and is tasked with maintaining clear records, providing required legal notices, investing wisely, and ensuring that all actions comply with the terms of the trust and applicable standards of care.
He emphasizes that one of the most critical aspects of being a trustee is recognizing the limits of one’s own knowledge. Even individuals skilled at managing their own finances may not be equipped to manage another person’s assets without guidance. Effective trustees leverage expertise from legal, financial, and tax professionals to navigate complex decisions and avoid costly mistakes, ensuring they fulfill their fiduciary duties responsibly.
