Every California trustee, co-trustee, and successor trustee (spouses, family members, friends, attorneys, CPAs, bank/corporate trustees) is accountable to the Uniform Prudent Investor Act (UPIA), defined in California Probate Code, §16045.
Failure to follow the UPIA is a breach of trust under which a trustee can be removed and held liable for damages.
Trustees, as fiduciaries, can be held personally liable under the Act for losses incurred in managing trust assets—even if acting in the best interest of the trust/client.
The principles from the UPIA are applicable to all fiduciary investment management: family trusts; charitable investing; UPMIFA; ERISA; UMPERSA.