If you have been notified that you are the beneficiary of someone’s last will and testament or a trust, congratulations to you. Someone has thought well enough of you or your organization that they want you to benefit from the distribution of their assets. A beneficiary is a person or entity designated to benefit from […]
Follow Trust Terms The trustee has a duty to follow the Trust terms. In other words, do as they’re told. May sound obvious, but it’s remarkable how often trustees seem to get that one wrong. It is a basic trustee duty that can be found at California Probate Code section 16000. Too often individual trustees will […]
Many people want to know whether they are entitled to an inheritance in the future, and if so, how much the inheritance might be. It can be difficult, if not impossible, to confirm entitlement to an inheritance unless the parent (or other trust/will creator) willingly shares copies of their estate planning documents (their will and/or […]
If you are considering setting up a trust, or you are the beneficiary of a trust, it is important to understand the role of the trustee. The trustee is the individual or institution that holds and manages the assets of the trust. The main duties that a California trustee must perform are below: Duty to […]
Many California residents establish charitable trusts as part of their estate plans. A charitable trust allows them to enjoy a reliable income stream while donating or designating assets to tax-exempt charitable organizations and thereby reaping tax-advantaged benefits. Trustees are accountable for how they manage charitable remainder trusts and other charitable trusts, which are generally irrevocable. […]
If you are a beneficiary of a Trust in California, you have legal rights. Below is a list of some of a California Trust beneficiary’s basic rights. Obtain Copies of Trust Documents Trust beneficiaries are entitled to receive copies of the Trust documents. Beneficiaries should receive copies of the Trust when either: The Trust (or […]
When children inherit assets from a Trust there are basically two ways for them to receive the assets. They can receive their assets “outright and free of trust,” which means their share of the Trust will be distributed into their name now with no further strings attached. Or their share of the Trust can remain […]
In California, married couples typically create a joint Trust—One Trust where both husband and wife are the settlors, beneficiaries, and trustees. They transfer all of their property into the joint Trust and the Trust is revocable during their lifetime. That means it can be changed or terminated while they both are alive. Nothing set in […]
How do you hire an attorney when you need help dealing with a bad Trustee? Trustees have access to all the Trust resources, while beneficiaries do not. As a beneficiary, you cannot withdraw money from a Trust bank account to pay for legal services. So what are you to do? You have two choices: (1) […]
The old switcher-oo can happen to just about anyone. That’s where the old Trust is abandoned for a new Trust. And the new Trust has entirely new provisions that leave everything to the bad actor. For example, let’s say your oldest brother has decided that he should receive the entire estate. Your father passed away […]
