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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Who can be a trustee of a THT? Posted by Rob on June 15, 2009 at 11:26 AM Recently an attorney wrote this to me on who could be a trustee. "The big "sleeper" issue that no one in the industry seems to be aware of are the California laws limiting who can serve as a trustee of a trust (or the agent under a power of attorney). In short, 1) for an individual to serve as a trustee of three or more trusts (and/or powers of attorney) for people to which s/he is not directly related, must be licensed as a "Private Fiduciary." The requirements for this license are far more difficult than a real estate broker; and, 2) for a corporation to serve as a trustee, it must be licensed under the Department of Financial Institutions as a trust company (similar to a bank); and, 3) no other kind of entity (such as a LLC) is authorized to act as a trustee in California. There is an exception for California licensed attorneys to act as a trustee, so I'm investigating whether that can be done via a law coporation corporation as well -- and then maybe jump on the business opportunity if there is one." For years I been using one my LLC's or a trusted friend for my trusts. Can any one advise on this issue? Follow Ups: Re: Who can be a trustee of a THT? Lughead 9:00 PM, 06/15/09 (1) Appears to be true Rob 3:49 PM, 06/17/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Recently an attorney wrote this to me on who could be a trustee. : "The big "sleeper" issue that no one in the industry seems to be aware of are the California laws limiting who can serve as a trustee of a trust (or the agent under a power of attorney). In short, 1) for an individual to serve as a trustee of three or more trusts (and/or powers of attorney) for people to which s/he is not directly related, must be licensed as a "Private Fiduciary." The requirements for this license are far more difficult than a real estate broker; and, 2) for a corporation to serve as a trustee, it must be licensed under the Department of Financial Institutions as a trust company (similar to a bank); and, 3) no other kind of entity (such as a LLC) is authorized to act as a trustee in California. There is an exception for California licensed attorneys to act as a trustee, so I'm investigating whether that can be done via a law coporation corporation as well -- and then maybe jump on the business opportunity if there is one." : : For years I been using one my LLC's or a trusted friend for my trusts. Can any one advise on this issue? [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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