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Mom and dad have a Trust. When dad died, the trust was split into the By Pass Trust (dad's) which contains the money and is irrevocable, and the Surviving Spouse Trust (mom's) which contains the house only and is revocable. I tried to dissolve t...
If your mother has also passed away, and your are the beneficiary of the Survivor's Trust, AND if the trust provided that the home was to be distributed to you outright, then it would have been appropriate for you to transfer the property out of the trust and into your name. If you did this incorrectly, sometimes a correction deed may be recorded with the County Recorder's office to correct a mistake that was made in a previously recorded document. However, correction deeds are very tricky and I recommend you consult with an estate planning attorney to make sure you are doing things appropriately and aren't jeopardizing certain benefits, such as prop 13 which allows you to retain your parents' property tax rate.See question
I was seriously injured and in a coma for several weeks and hospitalized for months. During this time my mom died, and my brother and sister were taking care of her estate, When I was released they told me very little other than mom had a plan for...
Probate Code Section 16061.7 requires that the trustee of a decedent's trust provide a copy of the trust to all legal heirs and beneficiaries within 60 days of the person's passing. If your mother's trust became irrevocable at her death (which it likely did) and if she was not married at the time of her death (which may cause the trust to still be revocable), then you are entitled to a specific notice under the law as well as a copy of the trust. Request a copy of the trust from the trustee in writing, as you are entitled to it.See question
I want to give my oldest daughter temporary custody of my two younger children & I want to know if I can write out on line paper that I giving her temporary custody of them & have it notarized & switch their welfare & s.s.i over to her or if not w...
If your oldest daughter is an adult (over the age of 18 years), she may petition the court for custody of the minor children. The court will have to appoint her as guardian and must find her to be fit for the role, despite your nomination of her as guardian. More information is needed as I am unsure what you are trying to accomplish through a temporary guardianship. If it is meant to be a very short period of time where you want her to be able to make decisions financially and medically for the children, then a short term power of attorney over minor children may be appropriate. However, I don't think that will be sufficient to have their government benefits transferred to her. For their government benefits to be transferred to your oldest daughter, she will likely have to be appointed as their formal guardian via the court. It can take at least several months for this to happen, assuming it will not be contested (i.e. by the children's father).See question
In California, assets received through an inheritance are considered that individual's sole and separate property. Gifting your estate to your friend via a living trust would mean that the assets your friend receives are separate from the spouse. If your friend does a good job of keeping the assets "separate" (i.e. in a separate bank account, not using the inherited money to buy a jointly titled home with his spouse), then your friend's spouse should have no claim to it in the event of a divorce.
I would still consult with an attorney, however, because at your friend's death, if your friend does not have their own estate plan set up, the assets inherited from you (even if it is considered separate property), may pass at least in part to the spouse if she survives himSee question
Everything is split evenly
I agree with the other attorneys that you first need to determine whether a trust existed or whether a probate would be required. If your mother did not have a trust, probate is required and it involves a court process. If she did have a trust, you should consult an attorney to begin the trust administration process. In any case, make sure that you thoroughly consult with an attorney regarding the distribution of property (specifically real property) to you and your sister, as there are major property tax consequences if the transfer of real property is not done in a specific manner and in such a way as to preserve the property tax rates under Proposition 13. An experienced estate planning attorney should be able to assist you with this.See question
Approved items all relate to wife's maintenance and well being.
If the special needs trust was prepared for the sole benefit of Wife, and Husband is not named as a beneficiary, then husband should not lose his government benefits. In any case, I would have the document reviewed by an estate planning attorney who could confirm that there are no loopholes in the trust that could potentially jeopardize husband's benefits.See question
I have an etrade account where i manage my company stock. Do I include that in the trust? Are there any cons to that? The trust is a simple trust to leave everything to the kids and is already done. Thank you.
Most assets without beneficiary designations should be in trust -- this allows your family to avoid probate and a smooth administration of the estate at your passing or upon your incapacity. However, if you have a pour over will, even assets that are not in trust may still avoid probate at your passing so long as they are not under $150,000 in value in the aggregate. In my experience, e-trade accounts have not been possible to transfer into trust. If this is still the case, make sure you have a pour over will in place and keep a low enough balance in the e-trade account to assure that the pour-over will can be used to transfer that asset into your trust at your passing.See question
The current trust has their name (trust) and my name as joint tenants. What do I need to do to get their names off
Property is sometimes titled jointly between the trust and other individual owners, as in your case. The way you've described it, it seems that your parents' interest was in the trust. When a Trustor dies owning real property, an Affidavit of Death must be filed with the County Recorder's Office to remove the Trustors/Trustees from title and establish the successor Trustee as the new owner. From there, the successor Trustee could deed the property entirely to you.
It's best to go through all of these steps even if you are the successor trustee and the beneficiary - title is cleaner this way.
I advise you to consult with an estate planning attorney who could help you with the title transfer paperwork. More importantly, you should remember that the property taxes will be reassessed unless you file the property tax reassessment exclusion paperwork for transfers between parents and children (prop 58 form) - don't delay in finding an experienced attorney in your area to help you.
Best of luck.See question
My mother died leaving approximately $25,000 in savings. I am the Executor of her estate and am still in the process of distributing her assets. Most of the bills are now paid, and I would like to know what is a fair and reasonable amount or per...
The trust document typically dictates what an appropriate fee may be, and whether a fee is permissible at all. Most of the time, the trust document will state that the Trustee is entitled to "Reasonable compensation" which, in a simple trust administration, I would agree would be about 1% of the size of the trust estate that the Trustee is named to administer.See question
The only property in the trust is an income producing house which I am going to sell ASAP. Everything else passes without probate through JTWRS. The total value of the estate is less than exemption amount so no Federal or State estate tax returns...
A 645 election is usually a helpful tool in deferring the payment of income taxes. However, if your mother died recently and the asset received a step up in basis and you are selling it "ASAP", there should be little or no gain realized, which means little or no taxes will be owed, and I would think in such a case the 645 election would not make a difference. I'd consult with an estate planning attorney familiar with tax issues in your area.
The name of the trust does not change now that your mother is deceased. If the words "living trust" are part of the name, those words will always be part of the trust name.See question