Tag Archives: California trust
What Information Must Trust Notices Contain?
ARE THERE LEGAL REQUIREMENTS FOR THE CONTENT OF A NOTICE FROM A TRUST? Yes. California Probate Code Section 16061.7 establishes the baseline legal requirements for when the trustee of a trust must send notices to heirs and beneficiaries, and what information those notices must contain. WHAT INFORMATION MUST A TRUST NOTICE CONTAIN? At… Read More »
Who is Entitled to Receive Official Notices From a Trust?
WHEN MUST NOTICES BE SERVED ON THE DECEASED SETTLOR’S HEIRS? Official statutory notifications must be served (in most cases, by mail or registered mail) on the heirs of the deceased settlor of a trust when the settlor’s living trust becomes irrevocable (a) the death of a settlor of the trust or (b) the trust… Read More »
What Are the Damages for a Trustee’s Breach of Fiduciary Duty in California?
TRUSTEES HAVE FIDUCIARY DUTIES TO THE BENEFICIARIES OF A TRUST Trustees are agents who hold and manage manage the assets of a trust (the trust estate) on behalf of the beneficiaries. The trustee owes fiduciary duties to both the current beneficiaries (those with current interests in the trust estate) and remainder beneficiaries (those whose interest in the… Read More »
What is a Professional Trustee?
WHAT IS A PROFESSIONAL TRUSTEE? A trustee is the person (or entity, acting through an authorized individual representative) that manages trust property (also known as the trust estate). In the case of family trusts or individuals’ private trusts, the trustee usually is a private individual, either the settlor or one of the settlor’s friends or… Read More »
What Kinds of Trusts Can Exist in California?
WHAT IS A TRUST? In the law, a “trust” is a legal relationship that relates to property. People think of a trust as a “thing,” but in reality, a trust is a set of relationships, defined with respect to property. The property that is held in a trust is called the trust estate or trust corpus…. Read More »
When Has a California Trustee Breached His or Her Fiduciary Duty?
FIDUCIARIES MUST ACT WITH “UTMOST GOOD FAITH” A fiduciary, like the trustee of a trust, must act with the highest degree of good faith, and for the benefit of the person or entity to whom the fiduciary owes the duty. In the case of a trustee, this means managing the trust, and the trust… Read More »
