In selecting a successor trustee for a living trust, people often gloss over the complications involved and think in terms of such broad generalizations as who will “manage my estate” or “take care of my beneficiaries” or “settle my estate.” In reality, a trustee performs very specialized, complicated functions. The trustee must prudently invest assets, … Continue reading Selecting the trustee of your living trust
All California competent adults should consider signing a California Advance Health Care Directive. In this document, you empower someone to make medical decisions for you if you become unable to give informed consent to your medical decisions. You name your first choice and your alternate choices. In the aftermath of the Terri Schiavo case, most … Continue reading Use and importance of Advance Health Care Directives
Under California law, trustee compensation must be “reasonable” if there are no criteria or other guidelines set forth in the trust. (Probate Code section 15681.) Often, trusts simply say that the trustee is entitled to “reasonable compensation” without any definition or any guidelines to help determine the amount of trustee compensation. In those cases, California law … Continue reading What is reasonable trustee compensation?
Being trustee can be a thankless job, one with lots of stress and the risk of personal liability. California law places the following legal duties upon the trustee of an incompetent or deceased person’s trust: The trustee has a duty to administer the trust solely in the interest of the beneficiaries. If a trust has … Continue reading What are a trustee’s duties and potential liabilities?
In planning how to have your financial affairs managed by others if you become unable to manage your financial affairs, it’s not enough simply to have a revocable living trust because there are many financial transactions that legally cannot be handled by the trustee of your living trust. For example, if you become unable to … Continue reading Your durable general power of attorney is an essential part of your estate plan