Legal Question in Business Law in California

Trustee Of Company

I was told today, that I was named trustee for a company owned by my brother. And is having this done thru his attorney. This title only if death occurs to both he (brother) and his wife. What does this mean to me? What would be my responsibility? (This was discussed verbally today. ) I was told I was named trustee of the company-should anything happen to him and his wife. Thank you


Asked on 2/02/01, 5:15 pm

1 Answer from Attorneys
C. David DuMond Law Offices of David DuMond

Re: Trustee Of Company

I suggest you ask your brother if it's alright to ask his attorney about this. It sounds to me like your brother and sister-in-law prepared a "living trust", which names you as the successor trustee. It's not possible to describe your responsibilities without seeing the trust document and knowing about the trust assets. Generally, you will be responsible to run things, maybe to sell them, for the benefit of the remaining beneficiaries. But, you should speak to the attorney about it.

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Answered on 3/19/01, 9:48 am


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