A trust company may be appointed to act as a personal representative, guardian or conservator of an estate, trust director, or trustee, in the same manner as an individual. A trust company may not be appointed guardian or conservator of the person of a ward or conservatee.
General ProvisionsTrust Company As Fiduciary
Section § 300
This law allows a trust company to be appointed as a personal representative, guardian, conservator of an estate, trust director, or trustee, similar to how an individual could be appointed.
However, a trust company cannot be appointed as the guardian or conservator responsible for the personal care of a ward or conservatee.
trust company personal representative guardian
Section § 301
A trust company that is appointed to manage an estate either as a personal representative or as a guardian/conservator does not have to provide a bond as a guarantee for its duties.
Additionally, how a trust company makes oaths and affidavits, and its liability, is outlined in specific sections of the Financial Code.
(a)CA Probate Code § 301(a) A trust company appointed to act as a personal representative, or guardian or conservator of an estate, may not be required to give a bond.
(b)CA Probate Code § 301(b) The liability of a trust company and the manner of its making of oaths and affidavits are governed by Article 3 (commencing with Section 1540) of Chapter 12 of Division 1 of, and Section 1587 of, the Financial Code.
trust company personal representative guardian
