A: It depends! Although the law does give all the trust beneficiaries the right to receive a full accounting, if all of the beneficiaries agree in writing to waive their right, then you will not need to prepare one.
A: No you are not! In California, the creditor’s of a decedent are paid first out of the decedent's remaining assets before any distributions are made to heirs. In other words, although you won't be receiving any inheritance from your mom's estate, you will not have...
A: The three primary duties you will have are the following: (1) the collection, safeguarding and evaluation of the Trust Estate assets; (2) the payment of debts and liabilities of the Trust; and (3) the timely distribution of the remaining Trust assets to the...
A: On July 8, 2022, the IRS issued a new procedure that can be used to extend estate tax portability for up to five years after the death of a spouse. Having said that, in order to ensure timeliness and compliance with various tax requirements, we always recommend...
A: Yes, your sister has a right to receive an accounting! Specifically, under California Probate Code §16062, after your mom passes away, you will be required to provide a full accounting not only to your sister, but to EACH beneficiary at least once per year until...
A: In California, Probate Code Section 6124 states the general rule that if the original will cannot be located, there is a presumption that the will was intentionally destroyed. However, Probate Code Section 8223 allows a petition to be filed in order to bring forth...
A: Probate Code Section 16000 et seq. lays out ALL of the duties trustees have, and there are MANY. Having said that, the most common mistakes made by Successor Trustee are the following: selling assets for below-market value, failing to provide an accounting,...
A: Trustees owe a fiduciary duty to always act in the trust beneficiaries’ best interests. If a trustee doesn't do everything in accordance with the law, he or she can be personally liable to the beneficiaries for any financial damage the Successor Trustee's actions...
A: Probate Code Section 8461 is very clear that a surviving spouse (subject to some very rare exceptions) will ALWAYS have priority over a child! If you would prefer that your child be the administrator versus your spouse, make sure to execute a valid will!
A: Statutory probate fees are based on the "gross" value of the assets, not the "net" value. Here, the fees will unfortunately be based on the $750,000 amount, and NOT the $250,000 amount of equity in the house. Therefore, the total statutory fees will be $36,000 to...
