When an adult is no longer able to manage their finances or protect themselves from undue influence, the court can step in and appoint a conservator to act on their behalf. This legal process is known as a probate conservatorship, and the person being protected is referred to as the conservatee. Conservatorships have gained public […]
The answer depends entirely on the terms outlined in the trust document. In most cases, when the grantor (also known as the settlor) of an irrevocable trust passes away, the trust either terminates and distributes the assets or continues to hold them in trust for the beneficiaries. The trust document will clearly state what should […]
Can a Trustee Face Criminal Charges in California? Trustees in California have significant responsibilities. They are legally obligated to follow the terms of the trust and act in the best interests of the beneficiaries. When they fail to meet those duties, beneficiaries can bring a lawsuit for breach of fiduciary duty. But what about criminal […]
If you’re a beneficiary involved in a dispute over a trust or will, consulting with an attorney is an essential first step. The good news? Many trust and estate attorneys offer free consultations to evaluate your case. However, knowing how to approach that consultation can make all the difference in whether an attorney takes on […]
If you settle or otherwise resolve a trust or will litigation case, the amount you receive may be drastically reduced by taxes. There are a number of taxes that apply to trust and will assets, such as: Federal estate tax Income tax Real property tax Business personal property tax A host of other taxes. All […]
Revocable trusts established as part of an estate plan typically contain incapacity clauses, which direct a successor trustee to assume control of the trust assets if the person who established the trust becomes incapable of making financial decisions. The person who establishes a revocable living trust is referred to as the grantor or settlor. If […]
Despite its name, an irrevocable trust is not set in stone. Under the right circumstances, you can terminate, dissolve, or modify an irrevocable trust in California. However, doing so is usually not as simple as terminating or modifying a revocable trust. Under some circumstances, such as fraud or undue influence in the creation or revision […]
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 […]
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 […]
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 […]
