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 Trustees’ Duties and Potential Liabilities
In California, a trust terminates when any of the following occurs: The term of the trust expires. The purpose of the trust is fulfilled. The trust purpose becomes unlawful. The trust purpose becomes impossible to fulfill. The trust is revoked. On termination of the trust, the trustee continues to have the powers reasonably necessary under the … Continue reading Terminating a Trust Because it Has Become Uneconomical to Continue
Over the years, I’ve seen lots of people regret what they did with their inheritance. Regrets over how their inheritance was spent or how it was invested or how it was taxed or who gained access to it. Regrets over who will inherit it. And regrets about what happened to their inheritance in a divorce. … Continue reading Planning How to Improve Your Life with Your Inheritance
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 Trustee Compensation
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?