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May 31, 2024 · Learn about trustee obligations to provide financials and documents to living trust beneficiaries in a California trust administration. When someone with a living trust ("the grantor") dies, her successor trustee must administer the trust. This is called trust administration.
Feb 17, 2017 · The general standard of trustee care is stated in Cal. Probate Code §16040. The trustee should administer the trust with the reasonable care, skill, and caution that a prudent person would under the current circumstances to accomplish the purposes of the trust as determined from the trust wording.
Jun 5, 2020 · Family trusts are a type of living trust, which means it will be created during your lifetime. The two types of living trusts are: Revocable Trusts – which provide the grantor the opportunity to revoke, amend or cancel the trust.
Jul 12, 2019 · An inter vivos trust – or living trust – is formed by a settlor during their lifetime. The settlor transfers property to a trust which is managed by a trustee. The duties of a trustee are set out in the trust and by statute. The duty to administer a trust according to its terms is a fiduciary duty.
The death of a parent is an emotionally challenging time, and the legal processes that follow can add additional stress. Understanding who has rights to a parent’s estate when they pass away is essential for navigating the California probate estate process. This guide will explain the roles and rights of various parties involved, including beneficiaries, heirs at law, surviving spouses ...
May 30, 2023 · The California Probate Code Section 16061.7 states that a successor trustee has a legal obligation to notify all beneficiaries and heirs in the case of the settlor's death to ensure that all parties involved are well-informed.
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Oct 25, 2023 · The trust divides into three upon the death of the first spouse: Trust A (or the survivor's trust), Trust B (or the bypass trust), and possibly Trust C (or the marital trust). Beneficiaries' rights depend on the terms of these trusts.
