Legal Question in Wills and Trusts in California
Applicability of Probate Code, Sec 16340
My deceased grandmother has a trust. Her two two surviving daughters are to share equally in the assets. Two properties are part of the estate, and the trust specifies that one daughter is to receive one property, a residential home, and the other an income-generating 4-plex. To equalize these properties, the trust calls for appraisals to be performed, and the daughter with the higher valued property is to pay the difference to the other. The daughter who is to receive the rental property (who is also the trustee) states that she is entitled to the rents collected during the estate settlement (since date-of-death), despite the trust not indicating this action. This daughter claims that this section allows her to do so.
Is the application of 16340 appropriate for this scenario?
If this does have merit, would the same logic apply to the other daughter whose property is of much lesser value, and would like to have interest on that difference, also from date-of-death?
Your time is greatly appreciated, thank you.
2 Answers from Attorneys
Re: Applicability of Probate Code, Sec 16340
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Re: Applicability of Probate Code, Sec 16340
It'd be good to look at the rest of the trust to see if there are any other provisions that would apply. It looks like 16340 would apply here, but the other daughter could argue for equalization of the rents as well as the gift value.
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