Definition of Trustee A trustee is the Trust manager, the person who calls the shots. But the trustee has limits on what they can do with the Trust property. The trustee cannot do whatever they want. They must follow the trust document, and follow the California Probate Code. More than that, trustees don’t get the […]
Definition of Trust Beneficiary A Trust beneficiary is the person who will enjoy the assets of the Trust. In legal jargon, trust and will attorneys refer to Trust beneficiaries as the “equitable owners” of the Trust. Beneficiaries will receive money and other assets from the Trust either outright (meaning being paid all at once) or in smaller […]
How does a trustee resign? That depends on the terms stated in the trust document. Most trusts will have a provision that describes how a Trustee may resign from acting as Trustee. In most cases, the Trustee will give written notice of their resignation to the Trust beneficiaries and to the successor Trustees. Whatever the […]
When the time comes to distribute assets to Trust beneficiaries, there are a number of ways to do so. When a Trust consists solely of cash, then the distribution is easy. The Trustee can write a few checks, make the Trust distribution, and end the Trust administration. How to Distribute Trust Assets to Beneficiaries Outright […]
If you were to crack open a copy of the California Probate Code and start reading from Section 16000 onward, you would find pages of rules discussing the duties of a California Trustee. The first duty, listed at Section 16000, is one of the most important: do what the Trust document tells you to do. […]
