Home > Legal > Questions & Answers > Trusts > Most guides for Revocable Trusts, in California, state such trusts are for the dispensation of the settler trustee’s assets to t
Most guides for Revocable Trusts, in California, state such trusts are for the dispensation of the settler trustee’s assets to t
Can properties and homes be managed (taxes paid, maintained, etc) for the use of the beneficiaries as opposed to their being divided up, or sold and the proceeds transferred to them?
The trustees have to manage the assets in the trust based on the Prudent Investor Act, which will in most circumstances require liquidation of the assets. The settlor can specify the staged payout of the assets, especially for minors. The settlor can give the trustee the ability to hold certain concentrations of assets, keep assets such as homes for a period of time, etc. However, assets need to be distributed in a reasonable period of time. This may be affected by market conditions.
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Circular 230 Disclaimer - “Nothing in this response is intended or written to be used, and cannot be used by any person for the purpose of avoiding tax penalties regarding any transactions or matters addressed herein. You should always seek advice from independent tax advisers regarding the same.”
