Legal Question in Wills and Trusts in California
living trust
My mother and father have a living trust that was drawn up about 15 years ago. The executor was my brother who passed away Oct 2008. Alot of the property that was mentioned in the trust (i.e. who get's what) is now gone (sold, etc). My parents have very little money, the house is titled in the trust and has a reverse mortgage and their bank account is in the trust as well. In the absense of an updated living trust and the original executor being deceased, what would happen? Please reply asap as my mom is having surgery 12/12 and both parents in poor health (mom has cancer). Thanks
1 Answer from Attorneys
Re: living trust
A living trust should have trustees -mother and father presumptively. After their incompetence or death, named alternate trustees would take over, unless he or she (brother?) cannot serve. Parents can amend the living trust to nominate another trustee such as yourself.
An executor is named in a Will. If the executor named is predeceased or cannot serve, an alternate listed in the Will is nominated. If there is none, an interested person, such as yourself, can file to be appointed after your parents' death (but not before.)
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