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Where can I find information on a living trust in California?
The California State Bar offers detailed information on living trusts including how to find an attorney to assist you. While many of the attorneys and other professionals who can assist you with estate planning and trusts are honest, there are some who may do you harm.
Who is the trustee of an irrevocable trust in California?
The role of the trustee under California trust laws. The trustee of an irrevocable trust is the individual(s) or institution(s) identified by the grantor to manage and administer the trust. In other words, the trustee is expected to take all steps necessary to ensure the provisions of the trust are complied with.
What are the duties of a trustee in California?
California courts typically hold trustees to a very high standard, as they are expected to be sensible, trustworthy and unbiased. The trustee is expected to protect the trust property, report to the beneficiaries, diversify all investments, keep accurate and complete records, and defend the trust against any viable legal claims.
Is a living trust right for You?
Living Trust Mills A living trust is a form of estate planning that allows you to control your assets (your money and property) while you are still alive, but have it distributed to people or organizations you select when you die. Depending on your own financial situation they might be appropriate, but they are not for everyone.
Is undistributed net income from a living trust taxable in California?
Despite the trust’s New York origin and administration, all of the trust’s undistributed net income is currently taxable by California.
Is there a Tax Guide for irrevocable trusts in California?
Although its focus is on the treatment of irrevocable, non-grantor trusts, it includes a brief overview of California’s taxation of the income of estates and administrative trusts, as well as a technical guide to complying with California income tax reporting and withholding requirements.