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Roles of People Named in a Trust: Trustees, Beneficiaries, & More

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Your trust administration checklist needs to account for the roles of people named in a trust: trustees and beneficiaries 👉 Book a Call at www.cunningham... for California trust administration with a top trust administration attorney California.
What is the proper role of a trustee? What are the rules trustees must follow? What are the risks? What role do beneficiaries play? What should a trustee do about assets not held in the trust? What about IRAs, life insurance, annuities, and the like? If you're confused, you don't have to be. Watch this video to answer your Estate Planning questions.
00:00 Intro
00:20 Who does stuff and who doesn't do stuff? Trustees and Beneficiaries
01:14 Trustee vs. Beneficiary: Which is best?
03:21 Where are the rules, what are the rules, when do they apply?
06:01 What does a Trustee need to do?
08:58 Trust Administration Checklist: Typical Sequence of Events
13:24 Duties and Liabilities of Trustees
17:21 What NOT To Do as Trustee
20:37 Record Keeping and Accounting
21:56 Why do people Stop serving as Trustee?
23:09 What Can a Trustee Do about Assets Not Held in the Trust?
24:27 Outro
👉 Book a Call at www.cunningham... to learn how to make a living trust, avoid California estate tax, and talk to a family trust lawyer.
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CONTACT us at www.cunningham... to discuss estate planning, keeping your last will or living trust up to date, and find out about upcoming California estate planning events. Offices throughout California.
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#cunninghamlegal #estateplanning #trustee

Опубликовано:

15 авг 2024

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Комментарии : 22

@Wendathena Год назад

Thank you so much for providing this important educational material! I'm almost 65 with 2 adult children so my husband and I are in the process of updating the trust we established when our first child was born 25 years ago.

@CunninghamLegal Год назад

You're welcome! I am happy to hear you are updating your trust. A good Living Trust means no court dates. No court fees. No one or two years of probate. Your loved ones can immediately take control of your estate. Here's a video on Hidden Traps in Your (outdated) Living Trust: www.cunninghamlegal.com/legal_webinars/uncover-hidden-traps-in-your-living-trust-virtual-workshop/

@19651995love Месяц назад

I’m in escrow here in CA and the selling realtor is saying beneficiaries are considered tenants. And buyers are going to evict once we Close. We have a SIP signed by the buyers when we send them SCO No 1.

@CunninghamLegal Месяц назад

It sounds like you are in some sort of probate estate or trust administration matter. I would recommend you speak to your attorney about this. If you do not have an attorney, feel free to reach out to us and we can discuss: www.cunninghamlegal.com/california-law-offices/contact/ or call 866.988.3956

@cynthialamb9894 10 дней назад

Kkkkkkkk@@CunninghamLegal

@19651995love Месяц назад

Great information!

@CunninghamLegal Месяц назад

Glad it was helpful!

@CunninghamLegal Месяц назад

Glad it was helpful!

@jimmoravec1326 Месяц назад

And does it automatically go to probate ? NO, even if it’s within the guidelines to go into probate, if there’s no record of it being in probate and it should be leaves no paper trail for the trustee to be held liable for anything including self dealing ext.

@CunninghamLegal Месяц назад

Please see this California Courts website page for more information on if you need to go to probate: www.courts.ca.gov/8865.htm?rdeLocaleAttr=en

@jimmoravec1326 Месяц назад

@@CunninghamLegal I probably should have mentioned that my jurisdiction is in Minnesota and the laws don’t differ much from my state to your state

@Beadgcfb 28 дней назад

If the trust is used solely for ease of liquidation of the primary residence compared to probate, and all other financial accts pass outside of it via beneficiary/POD designation, what is the best way to provide ready cash for the trustee heir to use for legal assistance, maintaining the home, any tax liability and so forth ? A separately funded trust bank acct?

@CunninghamLegal 28 дней назад

Typically, all cash accounts should be in the name of the trust. If the person who created the trust remains the sole trustee until death, sometimes there can be a bit of a delay in getting a death certificate. However, in many situations the “successor” trustee will start serving as trustee or co-trustee with the person who created the trust before the death of the person who created the trust. In that situation, there should be no delay in access to cash accounts.

@jimmoravec1326 Месяц назад

The trustee doesn’t get anything ? Trustee can’t be by bios towards a beneficiary ? Ok, well yes they can and do. A trustees does not have to give beneficiary’s any kind of information or distribute any assets if they don’t choose to. Just because you are a beneficiary it’s completely up to the trustee to decide what is best for them not you. The trustee does not have to abide by the instructions of a will/trust or both.

@CunninghamLegal Месяц назад

Under California law trustees have a broad set of rights and trustees have many duties. Unfortunately, it sounds like you might be a beneficiary and the trustee is treating you unfairly. You certainly have the right to legal counsel and should immediately seek such counsel in your matter.

@jimmoravec1326 Месяц назад

@@CunninghamLegal Thank you for your response, my jurisdiction is in Minnesota. My brother is the trustee and also a beneficiary, we are the only ones who are beneficiaries. I was told by my older brothers that had recently passed away that my brother who is the trustee is very greedy. I found out the hard way that this is very true. He has not communicated with me one time, no information regarding the trust no information at all. I heard from two separate people that there is a check for me and that I better get it. When the trustee doesn’t answer your calls or text messages there’s nothing I can do and I’m sure the check is stale now. He has taken over 100 k of my personal property that had nothing to do with the estate. From heavy equipment to classic vehicles and most of my inventory from my business resulting me to shut down. Left with no money to even survive on. He came to my property and stole from me when I was not there for a day. It costs lots of money to go after him and I don’t have it anymore. There is no legal help available for me in my situation. Anyway, Thank you for responding to me

@jamiecallahan1296 3 месяца назад

What if you're a Trustee AND a Beneficiary? It can look like self dealing.

@jamiecallahan1296 3 месяца назад

Specifically I am a Beneficiary. The Trust owns some vacation properties intended to be used by all Beneficiaries. I do not use them, but because I am named in the Trust I am not eligible for any financial aid for my two college aged children. FSA is completely unbending on this, there are NO appeals. I would like to sell the property to pay for college. The Trustee/Beneficiary (who uses the property all the time) refuses. Are they violating a fiduciary responsibility by forcing me to take loans I otherwise wouldn't need?

@jimmoravec1326 Месяц назад

Trustee’s self deal anyway

@jimmoravec1326 Месяц назад

@CunninghamLegal Месяц назад

Under California law, Trustees have a broad set of rights and trustees have many duties. Unfortunately, it sounds like you might be a beneficiary and the trustee is treating you unfairly. You certainly have the right to legal counsel and should immediately seek such counsel in your matter.

@jimmoravec1326 Месяц назад

@@CunninghamLegal I do have the right to be legally represented by an attorney, but the problem is when there’s no way possible to pay for an attorney there’s no way to obtain legal help. When the trustee is not challenged then the trustee can do whatever they want because when there’s nothing a beneficiary can do about it without having an attorney. A beneficiary cannot file a petition, file a complaint or do anything without an attorney. So when someone is put in a position where they can’t fight against bad trustees because they can’t afford to they end up with nothing. Thank you for responding