I think you are asking whether the revocable trust of a California resident may be liable for Decedent's debts.
Yes. Trustee would be the one "on the hook" if he/she distributes assets without paying outstanding debts.
That being said - I think you are saying that there are no assets whatsoever other than Guam after the tax bills get paid, correct?
I can't imagine what credit card company would want to have to "chase" the Trustee to get a lien on property on Guam. Any other attorney...
Something is missing here.
Did they say this or did they say what is the tax id number?? Usually that is their mistake. A Trustor of a revocable living trust in which the Trustor is a beneficiary uses his/her SS number as the tax number. I think that is what they are asking for? Is a mistake 5% of time typically by credit unions.
Call the bank and ask this question again. There is no "registration w/ CA" ... No comment on our crazy state's rules that are "exciting" businesses into...
We need detailed information on all questons in order to reply. There is not enough information unfortunately to provide a reasonable reply.
What state is the probate?
"Forced final papers". What does that mean?
-What papers?? In probate (California), a Will is admitted, a Petition spells out in black/white who the beneficiaries are and under what provision (or spells out who inherits by under succession laws), accountings are made unless the Testatator waived or beneficiaries waived,...
First question - are you or your minor child a beneficiary (current or future contingent beneficiary) of the Trust? Is this a California Trust? If so, good:
Prob C § 16062. (a) Except as otherwise provided in this section and in Section 16064, the trustee shall account at least annually, at the termination of the trust, and upon a change of trustee, to each beneficiary to whom income or principal is required or authorized in the trustee’s discretion to be currently distributed.
Call LRIS for the county you live for county you live, and they can give you a referral. .. this if you cannot get a referral from someone who recommends and estate planning attorney and is personally experienced with attorney... you can "google" "LRIS and ___(county)".
A power of attorney is about 1-1.5 hours total.
But the question should be .. is .. whether my parents have proper estate planning - do they have a Will, Trust (if recommended by local counsel), what is title to any real...
If Iras and 401ks were in Uncles name - and he named you as the beneficiary in a valid properly executed doc - you should be the ben.
If improper designation - then it could be the estate by default.
Why are they saying that estate is the benef?
This does not create an attorney/client relationship. This does not constitue legal advice. It is limited to facts of the question. You should consult an attorney in the appropriate state involved before making any decisions based on this answer
An estate is insolvent if, at fair valuations, the sum of the estate’s debts is greater than all of the estate’s assets (Cal Civil 3439.02).
1.Priority of payment of creditor claims. PC 11420 sets forth the order of payment of the decedent’s debts, expenses of administration and charges against the estate. If the estate is insolvent and there are insufficient assets to pay general debts, it may be necessary for the PR to pay a portion of each general debt, pro rata. PC 11420 provides:
There are "Statutory Fees" in CA and "Extraordinary Fees".
Former are "set" by Code, latter are for "Extaordinary Services" (out of nomal, there are guidelines and statute) and are subject to petition and approval of the Court.
I don't know who you are - a beneficiary? If so, you have a right to express your opinion by appropriate Court filing after Petition for fees.
This does not create an attorney/client relationship. This does not constitue legal advice. It is limited to facts of...
Not sure of question
I think you are saying can you give up inheritance -
For 9 months after death - and provided you have accepted ZERO benefit of the gift - you MAY be able to "Disclaim" (California rule).
You cannot direct alternate distribution of the "gift" .. who would it go to if you were not living?
See an attorney immediately for a consult.