Can Siblings Force the Sale of Inherited Property?
The emotions that arise when a loved one dies can lead to many potential conflicts, especially among siblings. One of the most common types of disagreements is whether to keep or sell mom and dad’s home after they pass away. Often, properties are distributed in kind to the kids, leaving them owning property together despite […]
What Happens to an Irrevocable Trust When the Grantor Dies?
A trust is nothing more than a contract, a legal agreement where one party (the “trustee”) agrees to hold the legal title to assets and manage them for the benefit of others (the “beneficiaries”). Some trusts are “revocable,” which means that the trustmaker (sometimes called the “grantor,” “creator” or “settlor”) can modify or revoke the […]
How Long Does a Trustee Have to Distribute Trust Assets?
Unfortunately, there is no one answer to how long a trustee has to distribute assets, as every trust and every family situation is different. In some cases, beneficiaries should give a trustee the benefit of the doubt when distributions are delayed for justifiable reasons, like paying debts or selling property. However, in other cases, the […]
What Would Make a Trust Invalid?
A trust is a legal relationship whereby property is held by one person for the benefit of another. In order for a trust to be valid, the trust must have been created and funded according to the requirements of the law. If any of these conditions are not met, an interested party may be able […]
How Much Should a Trustee Be Paid in Fees?
Trustees are tasked with the trying —and often thankless— job of managing trust assets to benefit the trust’s beneficiaries. In exchange for their services, California Probate Code §15681 allows trustees to receive “reasonable compensation.” However, if the trust document itself specifies different pay arrangements, then under Probate Code §15680, trustees are legally entitled to be […]
How Do You Protect Yourself As a Trustee?
Executive summary Introduction How do you protect yourself as a trustee? The first step is to take the time to learn more about what you are signing up for. Do your research, ask questions, consult a trust attorney, and ensure you understand the duties and obligations that need to be fulfilled as trustee. You may face significant […]