If a Trustee breaches a duty, what is the amount for which they are liable? The answer may surprise you. Basically, the Trustee is chargeable with three things: (1) any loss or depreciation in value incurred by the Trust, (2) any profit made by the Trustee, and (3) any profit that would have been made […]
You can sum up a California Trustee’s duty of care in one word: Reasonable. Well that sounds…reasonable. To be precise, California Probate Code section 16040(a) states the standard of care this way: The trustee shall administer the trust with reasonable care, skill, and caution under the circumstances then prevailing that a prudent person acting in […]
Do you have anything in your past that you are a little embarrassed about, or perhaps something unpleasant such as a nasty divorce, an arrest, a bankruptcy? Everyone has something in their past that they would like to forget. And yet, when you’re in a Trust or Will lawsuit the opposing party goes out of […]
Under California law you only have 120 days after receiving notice to challenge the validity of a Trust. (See Probate Code section 16061.8.) That is a bright-line deadline that cannot be changed once notice is served. Or is it? What if a Trust is revoked before death; is a 120-day notice effective to challenging a […]
In its simplest form, a Trust is merely the holding of money by a person for the benefit of someone else. When a friend hands you his wallet until he gets back, a Trust is formed. Trust Funding: The Essential Step Trusts cannot be formed without property transferring from the hands of the owner to […]
Fun fact: Trusts are not testamentary documents. That means Trusts do not have to follow all of the strict rules required to make a valid Will. Wills require a written document, signed by the decedent and witnessed by two witnesses…not so for Trusts. Trusts fall into a broad category of estate planning vehicles known as […]
If your Trust is amendable, can you amend it with a handwritten change? The answer is probably yes, but maybe no. That’s sounds like a typical lawyer response. Let’s explore this a bit. Under Probate Code section 15402, a Trust can be amended according to the terms of the Trust. If the Trust terms are […]
We Trust and Will trial attorneys just love the confusing world of Bypass Trusts. What began as a simple way of saving money on estate tax has become a sword and shield of warring family members. In its simplest form, a Bypass Trust is created after one spouse dies. The Bypass Trust is supposed to […]
Generally speaking, it is supposed to be easy to determine if a Trust is revocable. The California Probate Code says that any Trust that is NOT “expressly made irrevocable” is a revocable Trust (see Probate Code section 15401). That means every Trust can be changed, amended, or terminated altogether unless the Trust terms say otherwise. […]
You are entitled to collect evidence in your Trust or Will lawsuit, but it is not always easy to do so. The California Code of Civil Procedure sets out an entire section designed to help you collect evidence, referred to as the Discovery Act. And while the methods to conduct discovery seem fairly straightforward, that […]
