In California, if you are named a trustee, you have the power to collect, hold, and retain trust property until the trust property should be disposed of according to the judgment of the trustee. Even property in which the trustee has a personal stake may be retained by the trustee.
The trustee also has the ability to accept additions to the trust property from trust settlors or any other person. He or she also can participate or continue in the operation of any business or other enterprise that is part of the trust property and may affect changes in the organization form. The trustee also can operate a business only as authorized by the trust instrument or the court. A business or other enterprise also can be continued for a reasonable time pending a court hearing on the matter of a sale of the business or other enterprise.
If you are named a trustee in California, you will probably need to obtain a California trustee bond in order to protect the interests of the trust beneficiaries.
Where can you purchase instant California trustee bonds?
Colonial Surety offers the direct and digital way to obtain trustee bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond instantly. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print or e-file your bond from your office. It’s that simple!