Let’s say that you just found out that you’re the beneficiary of a $3 million trust fund, and there are a total of three beneficiaries. Each beneficiary stands to receive $1 million dollars. That is an exciting day that doesn’t happen to many people. You wonder when you are going to receive the $1 million. […]
What is an heir-at-law? What does that term mean in California under the California Probate Code? When people die intestate, meaning they die without a will or a trust, their assets pass to their heirs. There are other instances where we might use the term “heir.” For example, oftentimes, we’ll say “all heirs at law […]
What happens when a Beneficiary Kills the Trust Creator, the Settlor? As you can imagine, that’s not a good thing. So you shouldn’t go around killing people. I shouldn’t have to tell you that. However, if you have a beneficiary who is found to have murdered the settlor, under California law, they are precluded from […]
From time to time, beneficiaries ask: What is my job as a beneficiary to get my beneficial interest under the trust? A distribution under the trust, in other words. The answer is that the beneficiary really doesn’t have a job. The beneficiary owes no duties to the trust, under law, or under the trust terms, […]
A trustee may ask a beneficiary to sign a piece of paper indemnifying the trustee prior to making a distribution of trust assets. First, let’s talk about what indemnification means? Indemnification is a legal term. It literally means that one person is going to pay for any loss or harm suffered by another person. What […]
How are you going to pay for your lawsuit? Unfortunately, lawsuits in the modern age are very expensive. It costs a lot of money to hire a lawyer, to pay for all the discovery that you have to do, issue subpoenas, take depositions, hire expert witnesses, pay court filing fees. Everything costs time and money. […]
California trust law creates a hierarchy among beneficiaries. That means not all beneficiaries are equal. Some beneficiaries outrank others. Some beneficiaries have better rights than other beneficiaries. Current Beneficiaries The starting point is current beneficiaries, people who are named now who are supposed to be receiving something out of the trust. That’s what we call a […]
Family agreements can often be some of the most confusing areas that we deal with as trust and will litigators. The reason is that when families agree to do things for one another, they tend not to document the agreement in writing. They don’t think of the family agreement as a contract in the sense […]
Beneficiary deeds are a fairly new creation, under California law. A beneficiary transfer deed allows you to file something with the County Recorder’s Office that says, in effect, “After my death, I want my property to pass to my stated beneficiary.” It’s kind of like a beneficiary designation on a life insurance policy or a […]
There are times when a trustee is approached by one of the trust beneficiaries and the trust beneficiary says, “Hey, I really like the cabin in Big Bear. I’d like to buy the cabin in Big Bear. Can you sell it to me?” And the trustee’s response should be, “It depends on how other trust beneficiaries […]
