Trust and Estates
Serving as a trustee or fiduciary requires careful attention to legal duties and ongoing decision-making. Murtaugh LLP advises both professional and first-time trustees in fulfilling their responsibilities effectively.
The firm provides guidance on all aspects of fiduciary administration, including distributions, recordkeeping, beneficiary communications, and compliance with applicable law. Trustees are supported in making informed decisions and maintaining clear documentation throughout the administration process.
Fiduciary representation services include:
The focus is on steady guidance and practical support at every stage of the fiduciary role.
We frequently advise clients on matters related to this practice area. Below are answers to some of the most common questions we receive.
California follows the Uniform Prudent Investor Act, which requires trustees to invest trust assets with reasonable care, skill, and caution, considering the overall portfolio rather than individual investments. The standard requires diversification unless circumstances justify otherwise, and mandates that trustees balance risk and return in light of the trust's objectives. Some trust documents waive the prudent investor standard in order to give trustees greater flexibility in selection of investments.
A trustee is not automatically liable for market losses, but can be held personally liable if the loss resulted from a failure to follow prudent investment standards, imprudent delegation, self-dealing, or failure to diversify without justification. Trustees who act in good faith, follow proper procedures, and document their decisions are in a substantially better position to defend against surcharge claims.
Whether you have a specific matter in mind or just want to explore your options, our attorneys are here to help. Reach out to learn how we can assist you.
