Legal Question in Wills and Trusts in California
Probate Questions
I have property in San francisco which I am a heir to There are 6 people involved. The trustee shall post a nd file a bond, at the expense of the trust in the amount of $15,600 seles of real property are allowed only by court order. who pays for this? and where does the money come from? Who pays the inheritance tax if there is one? Isn't true that the trustee must be accountable for all property and personal belongins to the person who passed on? thank you ahead of time.
2 Answers from Attorneys
Re: Probate Questions
The expenses and any estate taxes are paid from the trust (or probate estate) first, unless the trust or will says otherwise.
The trustee or executor is responsible for gathering and safeguarding the decedent's property, with some exceptions. These exceptions are for property passing outside the trust or will, such as life insurance, retirement plans, or joint tenancy property.
Re: Probate Questions
The trust or estate is responsible for all expenses and taxes. If there isn't enough liquid assets the trustee or executor will sell assets to get the cash. They are responsible.
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