What To Do Now?
Consult our Estate Plannning Attorneys
An appointment and consultation should be scheduled with one of our Attorneys to discuss each of these steps to avoid problems and to limit liability of the Trustor, Trustee and Beneficiaries.
I Need to Update / Amend My California Living Trust When:
- I want to change my Successor Trustee(s).
- I want to change my beneficiaries / add a charity.
- I have a new child / grandchild / I’m widowed / I have remarried / divorced.
- I want to resign as Trustee and have my Successor Trustee(s) take over now.
- I need the new “No Contest” provision added to my California Living Trust.
- I want the “Separate Property Living Trust” provision added to my Trust.
- The tax laws have changed and I want to add or delete the AB or Q-Tip requirement(s).
- I’m concerned about Long Term Care / having to spend my assets to qualify for Medi-Cal benefits.
- My IRA or 403B tax deferred account is large. I need to add the “IRA Agreement” Provisions to my Trust. I want the “Stretch IRA” provision.
- The value of my estate has changed * I need to add the new “Article V Tax” provisions.
- I would like the “Attorneys Authorization to Disclose” provision, if someone tries to violate my/others rights under my Living Trust.
- I want the “Community Property” provision added to my Trust to get the income tax advantage.
What to Do if Trustor is Incapacitated and Unable to Handle Their Affairs:
- The Successor Trustee needs to obtain a letter from two of the Trustor’s Doctors, stating the Trustor is incapacitated.
- Transfer all accounts into Successor Trustee’s name as Trustee.
- Obtain a Tax ID number for the Trust.
- Prepare an inventory of all Trust assets
- Keep detailed records of all income and expenses.
- File all necessary tax returns.
- Satisfy the legal steps required
On the Death of a Trustor (the person who created the California Living Trust), the Trustee is legally obligated to:
- Prepare an “Inventory of Assets” (valued as of the date of death of the Trustor).
- Obtain death certificates (minimum of 6-15).
- Apply for a Federal Tax Identification Number.
- Obtain the deed which put the property into their Living Trust.
- Give “Statutory Notice of Trust Administration”.
- Publish “Notice to Creditors”.
- File Proposition 58 Claim Form – to keep Proposition 13 advantage.
- Do A-B (or Q-Tip) division to save taxes.
- File federal estate tax returns.
- File fiduciary income tax returns.
- Check Trustee’s authority to sell property (or their authority to run a business).
- Have an Affidavit Death of Trustee recorded for each property.
- File the original Last Will and Testament for safekeeping.
- Have the property appraised by a certified appraiser (not a realtor).
- Maintain proper insurance on Trust assets.
- If real property is sold, use procedure to limit liability.
- Upon distribution, obtain legal beneficiaries’ receipts.
To schedule an appointment, to discuss the above matters with an attorney
Call 1(800) 529-5570 or e-mail firstname.lastname@example.org.
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The information you obtain on this website is not, nor is it intended to be, legal advice. You should consult with an attorney for individual advice regarding your own situation. Just by contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.