Liability for deceased spouse's office lease.: My late spouse and I had a revocable living trust. She had a business in her name only and an office with a lease. The business has been liquidated, the office has been vacated. Am I responsible for the balance of the lease?
John's answer: The prior answer was very thoughtful. The issue turns on whether the lease was community property or her separate property. If it is her separate property and was so identified in the trust and on the lease, you should have no personal liability. One option is to file a 17200 petition with the court to seek guidance and a declaration of the responsibility for the debt. Another more extreme alternative would be to probate her estate to have the landlord's claim adjudicated and possibly barred if the landlord does not file a timely creditor's claim. The practical advice to seek a subtenant or resolve the matter though mediation or arbitration with the landlord would avoid the delays and expense of a court proceeding. John D. Laughton, Esq. is an estate planning attorney and ipractices in Monterey, CA. This answer is for informational purposes only, does not constitute specific legal advice, and does not create an attorney-client relationship with any person. The author emphasizes the need to engage qualified legal and financial professionals when preparing individual estate plans or resolving specific legal issues.
Im looking for the name of the lawyer that took care of my grandpa and grandma's will. This was over 20 years ago.: I know that the lawyer has passed away. I just need to find out what his name was so I can find where his office was and who took it over so that way my family and I can find our family will.
John's answer: This issue arises more frequently than most people realize, although the search usually starts sooner than 20 years after the death. Practical search inquiries include (1) checking the local court records to see if (i) the will was lodged with the court or (ii) a probate was conducted; (2) checking the grantor-grantee records with the county recorder's office to see if they owned any real property, and (3) searching the state's unclaimed property records under your grandparent's names which can be done online in most states. The notary or the attorney's name may appear on those documents. Clearly shoe leather, patience and some luck will be required. John D. Laughton, Esq. is not licensed to practice law in North Carolina. This answer is for informational purposes only, is designed to provide information of a general nature to the public, does not constitute specific legal advice, and does not create an attorney-client relationship with any person. The author emphasizes the need to engage qualified legal and financial professionals in the state where the issue arose when preparing individual estate plans or resolving specific legal issues.
Can a beneficiary start living in the family home (in the trust) prior to desbursement.: My grandfather died and left 30% of the trust assets to myself, and 70% to my mother. We were advised by the attorney to wait 120 days prior to dispursing the funds and assets. There are liquid assets of 500k and a house valued at 200k. My mother is taking the house, as agreed from her 70% of assets, howerver she wants to move in now and start renovating and spending trust money to do so as well as spending trust money to pay all utilities while she lives there. Is she allowed to move in prior to the 120 days? If she is can she use the trust money to pay for renovations to the "trust" house or her current house? Thank you!
John's answer: Who is the successor trustee of your grandfather's trust? That person has (1) the duty to identify and protect the assets, (2) pay all liabilities including taxes, and (3) then distribute the remaining proceeds. He or she has the duty to act evenhandedly in the best interests of the trust and all of the beneficiaries. The 120 day waiting period arises under CA Probate Code section 16060 and following which requires notice to the beneficiaries and heirs, allows the beneficiaries to request a copy of the trust, and provides 120 days for a person to contest the provisions of the trust. If all of the beneficiaries agree, the 120 waiting period can be waived in writing and the trust assets distributed earlier. Trust assets cannot be used to improve the home for the benefit of a beneficiary. If your mother wants to move in before the home is transferred to her, she should be required to pay fair market rent to the trust estate and pay for renovations out of her separate assets. Please note that if a party making seeking legal advice is already represented by legal counsel, other attorneys may be prohibited by the rules of ethics from providing them legal advice on the same issue. This post is not legal advice and is intended to answer questions of a non specific nature for the benefit of the public. John D. Laughton, Esq. is an estate planning attorney licensed to practice in California and practices in Monterey, CA. This answer is for informational purposes only, does not constitute specific legal advice, and does not create an attorney-client relationship with any person. The author emphasizes the need to engage qualified legal and financial professionals when preparing individual estate plans or resolving specific legal issues.