ronnirubin[at]sprintmail.com (Arthur L. Rubin) wrote
- quote -

The law is in sections 16060-16064 of the Probate Code. See
http://tinyurl.com/lgjw

There is no particular choice of law language in that law.

Stu

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philmarti[at]aol.com (Phil Marti) wrote:

SNIP

- quote -

My condolonces.

- quote -

In Ohio if the attorney uses a paralegal there is no need
for a court appearance unless there is a hearing or some
other legal issue. Estate must be closed in 6 months unless
there is an estate tax return due (value of estate over
$338,338). Fees usually are based on time and expertise
involved.

- quote -

Absolutely!

Martha S. Matthews, EA

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"Stuart O. Bronstein" <stu[at]lexregia.com> wrote:

- quote -

Cite please; and does it apply to trusts administered in
California, or only trusts created under California law?

Now, of course, the trust has to issue K-1s if any attribute
is assigned to a beneficiary, even if they don't receive any
funds, but....

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sherwood_judith[at]yahoo.com (BJ Sherwood) writes:

- quote -

Within an 11 month period I became executor of three
estates. Two had used trusts and the third did not. The
ones with trusts were infinitely easier to administer. The
most paperwork I ever had to provide anyone was a death
certificate, a copy of the successor trustee section of the
trust, and an affadavit from the attorney about the trust
provisions. I disposed of everything, including a car and a
house, easily. Instructions came from the attorney who had
prepared the trust, and I didn't pay $300 in fees to him.

Even though I've harped for years about people who didn't
have their papers in order, I hadn't done my own. After the
ease of administering these estates, I got myself together.
I've spent less than $400 in attorney fees, which included
all the original paperwork, getting the trust funded, and
completely revising it after my parents died.

The real work I did on the other estate wasn't a lot
different, but there was a lot more assistance required from
the attorney. There were three separate court appearances
required, plus numerous reports to the court and notices to
heirs. And a lot more in attorney's fees.

I should note that the trust estates were in Kansas and the
probated estate in Illinois. Local conditions could well
make one method much better than the other.

Phil Marti
Topeka, KS

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sherwood_judith[at]yahoo.com (BJ Sherwood) blurted out

- quote -

I've really seen very few if any problems with revocable
trusts. One issue does come up often when a person with a
trust wants to refinance real estate. While from a legal
standpoint there is no reason to do so, most lenders require
that the property being refinanced first be taken out of the
trust before loan papers are signed. Borrowers are seldom
told that they have to put the property back into the trust.
So there are a lot of properties that should be in trusts
that aren't, and the owners don't have a clue.

Once a revocable trust becomes irrevocable, it's subject to
most of the same claims that could be made against a will in
probate, but unhappy heirs. But that's not an additional
problem.

One rule that's fairly new here in California (I don't know
what the rest of the states do about this) is that, once a
trust becomes irrevocable the trustee is required to give
accountings to all beneficiaries, even if they aren't
entitled actually to receive anything until the current
lifetime beneficiary (usually also the trustee) dies.

- quote -

The successor trustee should read the trust and do what it
says. If he has a question he can call a local trust
lawyer. But it's seldom a big deal unless there's
litigation.

Stu

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"BJ Sherwood" <sherwood_judith[at]yahoo.com> wrote:

- quote -

These are legal questions and should be directed to a local
attorney.

--
David M. Woods, EA
Boston, MA 02109

Postings here are general information only and not to be
relied upon as advice.

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I'm thinking about getting a revocable trust. I've found
lots of information about the advantages of a trust (and
some about disadvantages), but I cannot find anything about:

1) What types of problems have people encountered with
revocable trusts?

2) What kinds of experiences have "successor trustees" (the
person who takes over the trust after I die or become
incapacitated) had? Where does the successor trustee find
information that will help him/her administer the trust?

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