Legal Question in Wills and Trusts in California
death of a trustee
My parents have a trust in both their names and I am listed as the executor. My father passed away 3 weeks ago, my mother is still alive. The value of the estate is under $1MM and the assets have not changed since the estate was established in 1996. Is it necessary to have the estate rewritten to delete my father's name? Is there any tax implications if nothing is done?
2 Answers from Attorneys
Re: death of a trustee
Are you the executor of a pour over will, or are you successor trustee of the trust?
Was your mother named as a trustee (normal).
The documents need to be reviewed in order to determine what should be done next. There could be some tax ramifications.
Re: death of a trustee
The trust should not have to be rewritten, but it should be reviewed and the instructions followed--it may require the creation of subtrusts, and not doing anything could cause tax and accounting problems later.
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