Legal Question in Wills and Trusts in California

I am my neighbor's Successor Trustee and Executor of LWT

My neighbor has named me as Successor

Trustee of her Trust and Executor of her Last Will

and Testament. She is legally blind, increasing

loss of memory, has a daughter whom she has

stipulated in her will as being somewhat mentally

disadvantaged. The daughter is sole beneficiary.

When would my responsibility be terminated

(besides requesting resignation as Trustee)?

Would my own personal property be liable for any

reason? and Is my own personal property

supposed to be listed in the trust (I read

somewhere that after the trust is signed, the

trustors transfer their assets to the trust)?


Asked on 5/09/00, 2:28 am

1 Answer from Attorneys
WILLIAM BRANDWEIN WILLIAM A. BRANDWEIN, A PROFESSIONAL LAW CORP.

Re: I am my neighbor's Successor Trustee and Executor of LWT

First, you are not the trustor you are the trustee therefore your assets don't get into the trust. Only trust assets can be reached for liabilities of the decedent or trustor. When your responsibility ends depends on the terms of the trust instrument. A trustee or executor is a fiduciary and as such has the highest responsibility in the law. If you are at all hesitant about whether you can sucessfully manage, invest and distribute assets of the trust in accordance with fiduciary responsibilities I would consider resigning. Your own assets can be reached for breaches in the fiduciary responsibilities. I would consult with a competent attorney before undertaking this act.

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Answered on 6/22/00, 12:52 pm


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