Choosing a trustee is one of the most important decisions when setting up a trust. In California, many families wonder if a person managing the trust can also be someone who benefits from it. While the answer is yes, this arrangement calls for a thoughtful approach to balance responsibilities and interests....
When a spouse passes away, questions about inheritance often come to the forefront. California has laws designed to protect the rights of surviving spouses, ensuring fair treatment under various circumstances. Knowing how these laws work can provide a sense of security and help you better understand your financial future. Whether there’s a...
When a loved one passes away, if they have created a trust, trustees may be responsible for managing and distributing assets according to the trust's terms. In California, trustees are expected to handle this task with care and efficiency. However, the timeline for distributing assets can vary based on factors such...
Trust administration can become problematic in the face of transparency problems. Trustees are in a unique position and may be depended upon financially by multiple parties. Without proper transparency during the administration of a trust, beneficiaries are at risk of financial exploitation and emotional distress.
Transparency...Trusts are extremely useful estate planning tools. However, they are subject to the competency of the trustee, who is charged with protecting the trust and discharging various fiduciary duties.
One example of those duties is taxes. Trustees sometimes have extensive tasks related to taxes associated with the...
The term "trust protector" might sound like complex legal jargon, but it actually signifies an important role in the realm of estate planning. A trust protector is someone appointed to oversee and ensure a trust operates as intended, offering an additional layer of security and flexibility. This role is becoming increasingly...
If a friend or loved one has chosen you to act as trustee over their estate, think twice before saying yes. You might consider the invitation an honor, but it’s one that comes with significant obligations. Failing to appreciate these trustee responsibilities can lead to legal problems for you and others if...
Trusts can be particularly taxing and confusing to administer. Fortunately, you don’t have to take on this daunting responsibility alone. If you’ve recently been appointed as a trustee, an estate planning attorney can help guide you on your trust administration journey to ensure that you fulfill your duties successfully.
The recent economic recession, and staggering increases in health care costs have left millions of Americans facing incredible losses and mounting debt in their final years. Are you concerned that, rather than inheriting wealth from your parents, you will instead inherit bills? The good news is, you probably won’t have to pay them.
