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. […]
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 […]
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 […]
We encounter situations in which people amend trusts when they don’t have the ability to do so. It’s very important when you first get a trust to look at the amendment and revocation provisions of that trust. In the amendment provision, you’ll see how the settlors envisioned any amendments to the trust. In some cases, […]
Can I get my inheritance early? That depends…on how nice you are to your parents. Generally speaking, the only way to obtain your inheritance early is for a parent to give that to you before they pass. But there are times when a parent dies and their assets are held in Trust to benefit a […]
Trustees occupy the office of Trustee. As Trustee, they must pay all debts of the Trust. More than that, Trustees often also have an obligation to pay debts of a decedent even if the debt is not officially against the Trust. Things like credit card bills taken out in a decedent’s individual name may still […]
Since some Trusts are private, locating the Trustee and any formal information can be difficult. How do you know who the Trustee is in a Trust? That can be a tricky question. The problem is that Trust documents are not publicly recorded, and calling Albertson & Davidson Trust Lawyers can help you answer these questions. […]
