Should a trustee tell you what is happening in the trust administration? Of course they should, but all too often trustees use information as a weapon and keep their beneficiaries in the dark. It is easy to spot a good trustee because there is a transparent, free flow of information. Bank statements, brokerage statements, closing […]
You are the lucky recipient of a generous inheritance, but that inheritance may come with a big catch. While many inheritances are given to the beneficiaries outright, meaning the money or other assets pass into the beneficiaries’ names to own and control, some trusts require inheritances to remain inside a trust for the lifetime of […]
California has recently adopted a law that allows stronger supervision and management of trusts by allowing the creation of “directed” trusts in our state. When establishing a directed trust, the grantor (or funder) of the trust can assign some or all trust management duties to someone other than the trustee(s). Traditionally, a trustee manages all […]
Many couples and individuals establish trusts as a means of transferring their wealth to the next generation when they die. Assets in a trust eventually transfer to named beneficiaries according to the trust’s bylaws and do not have to go through probate. An irrevocable trust is managed by one or more trustees during the grantor’s […]
Certain legal processes go into motion in California to deal with the estate of a person who has died and left behind a will or trust. For instance, California probate code provides that beneficiaries of a trust must be notified by the trustee within 60 days of the trustor’s death. California law provides less-specific deadlines for filing […]
If you have been notified that you are the beneficiary of someone’s last will and testament or a trust, congratulations to you. Someone has thought well enough of you or your organization that they want you to benefit from the distribution of their assets. A beneficiary is a person or entity designated to benefit from […]
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 […]
Many people want to know whether they are entitled to an inheritance in the future, and if so, how much the inheritance might be. It can be difficult, if not impossible, to confirm entitlement to an inheritance unless the parent (or other trust/will creator) willingly shares copies of their estate planning documents (their will and/or […]
If you are considering setting up a trust, or you are the beneficiary of a trust, it is important to understand the role of the trustee. The trustee is the individual or institution that holds and manages the assets of the trust. The main duties that a California trustee must perform are below: Duty to […]
Many California residents establish charitable trusts as part of their estate plans. A charitable trust allows them to enjoy a reliable income stream while donating or designating assets to tax-exempt charitable organizations and thereby reaping tax-advantaged benefits. Trustees are accountable for how they manage charitable remainder trusts and other charitable trusts, which are generally irrevocable. […]
