Legal Question in Wills and Trusts in California
My father just died and had two trusts, one a shelter trust from my mother and one his trust set up upon her death 9 years ago. I am in the process of settling both trusts.
Which trust do I deduct my father's debts from, such as funeral expenses, before I distrbute funds to the beneficiaries?
Asked on 6/13/10, 10:10 am
1 Answer from Attorneys
Aaron Feldman
Feldman Law Group
Improper allocation of debts presumably might alter how much a beneficiary receives as his or her distribution. This could constitute a breach of your fiduciary duty as trustee. Since you will have final tax return issues, you should be working with appropriate professionals to terminate these trusts. You should work with a CPA and an attorney to make sure that proper allocations are made and that the distributions are correct.
Answered on 6/14/10, 8:34 am
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