If the trust document is silent on the matter of trustee compensation, then California law directs that said compensation must be “reasonable.” (Probate Code Section 15681.) Often, a trust simply states 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, … Continue reading Trustee Compensation
Due process and California law requires that your closest blood relatives* be notified by the person in charge of your estate if you died or became incompetent in each of these California contexts: If probate is required because you died without a will, your administrator must notify your heirs, as your heirs are those who … Continue reading Your Family Tree: Due Process in Estate Administration, Trust Administration, and Conservatorships
In selecting a successor trustee for a living trust, people often gloss over the complications involved and think in broad generalizations as who will “manage” or “settle” my estate or “take care of my beneficiaries.” In reality, a trustee performs very specialized, complicated functions. The trustee must administer the trust consistent with the trust terms, … Continue reading What to Consider in Choosing Your Trustee
Your living trust can provide that, after your death, wealth remains in trust for your child (or other intended beneficiary) to help with designated purposes. Well known examples of such purposes are health and education. But another purpose is help with buying a house. For example, your trust could provide that, after your death, the trustee may … Continue reading Helping Your Beneficiary Buy a Home: Trust Provisions
Even though California is a community property state, it does not mean that an inheritance received here is community property. For a married Californian, property received by gift or inheritance is separate property, not community property. For many parents, that fact alone is enough protection for a child’s inheritance. Perhaps most parents have confidence that their children … Continue reading Protecting Your Beneficiary’s Inheritance from the Spouse