Legal Question in Wills and Trusts in California

My mom passed away recently and the only property in her Trust was her house. She has left it to me as Life Tenant. After I die the remainder goes to my siblings. As the successor trustee, what am I supposed to report to the siblings? Do I have to give them reports on the fence that has to be replaced? And the taxes I pay on the house? I'm supposed to be reimbursed for any work I have to do on the house - I guess if/when it ever gets sold. I'm not sure what I'm supposed to tell the siblings. All there I have is the house for life. Thank you.


Asked on 2/22/10, 6:41 pm

1 Answer from Attorneys
Michele Cusack Pollak & Cusack

SInce their interests as remainder beneficiaries are now "vested", you must give them formal notification that the trust has become irrevocable, see Probate Code Section 16061. The trust probably does not require any formal accounting to them since they are not current income beneficiaries, but they may ask for a copy of the trust and other information, and you do have a fiduciary duty to all the beneficiaries. Keep excellent records of all your expenditures.

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Answered on 2/28/10, 11:49 am


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