Tag Archives: trusts
Can a Trust’s Lawyer Receive Distributions of Trust Assets?
A LAWYER’S FEES CAN BE PAID FROM TRUST ASSETS A lawyer who is acting on behalf of a trust in a professional capacity (i.e., as the trustee or as legal counsel to a trust) can be paid from trust assets. The funds in the trust’s bank or other accounts can be used to pay… Read More »
How Do I Bring a Claim Against a Trust?
HOW DO CREDITORS BRING CLAIMS AGAINST A TRUST AFTER THE SETTLOR DIES? When trust or administration proceedings begin, the Trustee must give notice to all creditors of the trust (or estate) by complying with applicable laws relating to creditors and notice. Where the trust is administered without court supervision, this notice generally is given… Read More »
Court Authority Over Family Trusts
WHICH COURT HAS JURISDICTION OVER FAMILY TRUSTS? The answer depends on where the trust was formed, where its assets are located, and the terms of the trust agreement. However, in most cases, an inter vivos (often called “family”) trust that is formed in California by a California settlor* falls within the general jurisdiction of… Read More »
Who is Entitled to Receive Official Notices From a Trust?
WHEN MUST NOTICES BE SERVED ON THE DECEASED SETTLOR’S HEIRS? Official statutory notifications must be served (in most cases, by mail or registered mail) on the heirs of the deceased settlor of a trust when the settlor’s living trust becomes irrevocable (a) the death of a settlor of the trust or (b) the trust… Read More »
What is a “Professional Fiduciary”?
WHAT IS A PROFESSIONAL FIDUCIARY? Put simply, a professional fiduciary is a person who acts in a fiduciary capacity, as a business endeavor, in exchange for pay. There are numerous laws that define and govern the acts (and qualifications, and definition) of professional fiduciaries; this post will talk only about professional fiduciaries who act… Read More »
Do Assets in a Trust Have to Go Through Probate?
DO TRUST ASSETS HAVE TO GO THROUGH PROBATE? Sometimes. The answer depends on a number of factors, including (but not limited to); the type of trust the type of assets whether the assets were properly placed in or transferred to the trust and several other, less common, legal issues PROPERTY HELD IN AN INTER… Read More »
Who is Entitled to See a Trust When the Settlor Dies?
BENEFICIARIES AND HEIRS CAN REQUEST “THE TERMS OF THE TRUST” AFTER A SETTLOR DIES California Probate Code ( § 16061.5) requires trustees to provide a true and complete copy of the terms of (a) an irrevocable trust, or (b) the irrevocable portion of a larger trust to any of the following persons after a… Read More »
What Kinds of Trusts Can Exist in California?
WHAT IS A TRUST? In the law, a “trust” is a legal relationship that relates to property. People think of a trust as a “thing,” but in reality, a trust is a set of relationships, defined with respect to property. The property that is held in a trust is called the trust estate or trust corpus…. Read More »
Can I Sue Someone for Interfering With My Inheritance?
If your situation meets the required elements for a legal claim, you absolutely can. INTENTIONAL INTERFERENCE WITH EXPECTED INHERITANCE In California, intentionally interfering with another person’s expected inheritance is a tort (a civil wrong, which allows a person to sue another person in court, assuming the elements are met). Essentially, a claim arises when… Read More »
What is a Trust, and How Are Trusts Created in California?
WHAT IS A TRUST? In California (as in other U.S. states), the law establishes various ways in which the property of a deceased person (a “decedent”) passes to his or her heirs. When the decedent leaves only a will, or dies without any valid estate planning documents, the decedent’s property (called the “estate”) usually… Read More »
