If you are the beneficiary of a trust, it is important to understand what rights you actually have. California law sets certain guarantees to protect transparency and provide remedies if your rights are negatively impacted. Whether the trust is just being formed, or a life event is triggering the trust in some way, you need…
Serving as a trustee can be a big responsibility. If you are a trustee and want to know your responsibilities, or have questions about a trustee on a trust you benefit from, knowing this information can be critical. Trustees have specific duties and responsibilities under California law. Not following through on them can lead to…
Yes, a trustee can also be a beneficiary in a California trust. In fact, its pretty common to do it that way. Families rely on this structure to name someone they trust to both handle the trust and benefit it. For many trusts, it is exactly the point that the trustee is also the beneficiary,…
A Heggstad petition is a very powerful tool in trust and estate administration. This allows families to avoid probate if a particular asset was meant to be in a living trust, but was never transferred to it because the trust creator passed away. The Heggstad petition asks the court to confirm that the asset is…
A bypass trust is a very useful tool to help protect married couples and reduce their estate taxes. It can also help protect other assets for your future generations. Also called a credit shelter trust or AB trust, they help bypass over taxation of your estate, as explained more below. An experienced lawyer can help…
A trust allows you to bypass California probate in many cases. This can save you months of time and thousands in fees. Your trust can distribute your assets the way you really want, all without court supervision. It offers you flexibility during your lifetime and protects your assets after you are gone. At Filippi Law…
The world of trusts is complicated and usually calls for specific roles to guarantee their seamless and efficient running. One such function is that of a trust protector, a rather recent addition to California trust law but a necessary one especially in sophisticated estate planning in Rocklin, Roseville, and Granite Bay. This article examines what…
One of the initial stages in the process of settling the affairs of a deceased loved one is to ascertain the value of their estate. Accurate valuation is essential regardless of whether the estate is being administered through trust administration or probate court. This valuation affects the distribution of assets, as well as the payment…
When planning for the future, one of the most significant decisions you will make involves the management of your estate after you pass away or become incapacitated. The selection of a successor trustee is a crucial part of this process. Many individuals find themselves torn between naming their children as co-successor trustees or appointing a…
Accepting the role of a trustee is a significant responsibility that requires a comprehensive understanding of fiduciary duties, legal obligations, and the complexities of managing a trust. This role, often seen as an honor, comes with a myriad of duties that can be both rewarding and challenging. Before agreeing to become a trustee, it’s crucial…
