Trustees have a difficult job, to be sure, but they can make their job much harder by making mistakes. There are two big mistakes that many Trustees make consistently. First, many Trustees simply fail to communicate. Trustee are required to keep their beneficiaries reasonably informed about the Trust administration (Probate Code section 16060). Reasonable information […]
When people create a Trust, they are simply establishing a separate legal entity that will hold title to their assets. For example, if husband and wife create a Trust during their lifetimes (referred to as a living Trust, or revocable Trust), then they will change the title to their assets from themselves (as individuals) to […]
If you ask any Trust beneficiary, they will tell you that closing a Trust administration is easy. The Trustee gives the beneficiaries all the assets, and they all live happily ever after. But Trustees often see the end of the Trust with far more reservation because of their potential future liability. You see, Trustees don’t want […]
One of the most common questions we receive from clients is: “how do we freeze the Trust assets?” After all, when you file a Trust contest, aren’t all the Trust assets frozen until the case is resolved? The answer is no. That rarely occurs. It sounds surprising, we know, but let us explain a bit […]
Can a trustee be removed as trustee of a trust? Yes, but it is difficult to remove a trustee. Generally, you must have an evidentiary hearing, which is a trial. It takes time to remove a Trustee. You must go through the litigation process from start to finish before a trial can take place. The […]
Can a trustee loan money to a trust? There are times when a Trust may be land-rich, but cash-poor. Or maybe the Trust owns a business, financial investments, or any other type of asset that cannot be easily sold. How does the Trustee pay bills and expenses when there is no cash to pay from? […]
There are times when you know something has gone wrong with your Trust administration. Perhaps the Trustee is not making proper Trust investments, is not managing Trust assets properly, or is outright stealing from the Trust. At times, the harm caused by a Trustee can be less obvious, such as living in a home owned by […]
If you are a Trustee beneficiary who is having problems with your Trustee, you need to file for help in the probate court. To file, you bring a petition under section 17200, which gives the court the power to issue orders regarding the internal affairs of the Trust. Section 17200 provides a long list of […]
In most cases, a Trustee can be changed after a California Trust becomes irrevocable. How you go about making that change varies depending on your Trust document and your circumstances. For starters, look at your Trust document. Most Trust documents provide a method for changing the Trustee. Some Trusts allow the Trust beneficiaries to make […]
If your Trust requires a distribution to you, and you’re not receiving it, you may be wondering “how long will this take?” Unfortunately, there are times when a Trust distribution takes much longer than it should to be made. Timeliness is Important As with all things involving a Trustee’s actions, Trust distributions are required to […]
