Category: Trust Beneficiary

part one

You are entitled to an accounting…maybe…depends. The truth is some beneficiaries are entitled to an accounting as a matter of right, while other beneficiaries may obtain an accounting at the discretion of the Court, but not as a matter of right. Right to Reasonable Information For starters, all beneficiaries are entitled to reasonable information from the […]

fading star

Being named a successor Trustee does not necessarily obligate you to take action. While it is true that Trustees have a host of duties and responsibilities, those duties don’t arise until a Trustee agrees to act. Being named a successor Trustee in a Trust document does not obligate that person to act. If, however, the successor Trustee either […]

protect your parent

How do you protect a parent who you think is being abused by the Trustee of a revocable trust or some other bad actor? You might think that your parent lacks capacity to manage their own financial affairs, or perhaps you think they are subject to undue influence and being manipulated. The problem with revocable trusts […]

split decisions

Unique Nature of Trust Ownership It all comes down to the unique nature of Trusts. When a person creates a Trust they are effectively separating the legal ownership from the beneficial ownership of the assets. We don’t usually think about these two different aspects of ownership because, in every other context, they are one in the […]

Ready set pay

That all depends on what you mean by “probate.” In California, in fact in the entire United States, we operate under the so-called American system of litigation fees; meaning each party pays their own fees regardless of who wins the case. But there are a few exceptions. For example, if you have a contract that […]

inheritance theft

Yes, provided that relative has standing to sue. Any family member (or past beneficiary) who has been excluded from your Trust or Will can fight for inclusion after you die. But to do so they first must have standing. To have standing means they are an heir or prior beneficiary of yours and they have […]

contract

You need a partnership agreement, limited liability agreement, or shareholder’s agreement depending on the type of business entity you have. If you have a general partnership, or a limited partnership, there should be a partnership agreement that governs your business entity. The partnership agreement contains many provisions that help govern the business while you are […]

stay out of my business

That will depend on two major factors: (1) what type of legal entity is the business (i.e., partnership, corporation, limited liability company, etc.), and (2) how did your spouse hold title to the business interest? The type of business entity. Business transactions between partners can be messy because they oftentimes are not well documented. A […]

the step parent problem

The answer is maybe, but you’re going to face an uphill battle. Unfortunately, the law does not give you an automatic right to receive a parent’s assets. The step-parent problem may be one of the most difficult, and least understood, issues in Trust and Will law. And it can play out in many different ways […]

do i owe them anything?

The short answer is no. If you are named as the only heir to your parent’s estate, then you win—and all the excluded children lose. You do not owe them anything. Or at least, that is how it should work…in theory. But many cases are not that easy because the excluded children often do not […]