Legal Question in Wills and Trusts in California
re:living trust
my father as just passed last week and had a living trust in which my sister and I are the trustees. I have two questions (1) what is our next step and (2) is there a waiting period to get it started...In the trust I am to live at his house for one year rent free, at this time there are others living here and I would like them out ASAP....when does the trust take effect the day he died or not until we execute the living trust
2 Answers from Attorneys
Re: re:living trust
I m so sorry to hear of your father's passing. I hope I can give you enough information to get you started right away.
The trust becomes irrevocable at the passing. The first step is to start gathering the assets as well as the debts. This means you will need to watch the mail for the next couple of months to see what arrives. You will also want to start contacting the creditors and let them know that he has passed away; to stop any future charges from accumulating.
As far as the people living in the home, are they renters? Is there a rental agreement? This, of course will make a difference on how to next proceed.
Our office specializes in wills, trusts and estates and we would be happy to assist you at getting the ball rolling and to make sure you are dotting every "i" and crossing every "t" for a rate that you will find more than fair.
If you would like to discuss this matter further in a more private forum, please feel free to contact me directly at the email address provided by LawGuru or through our firm�s website located at PasadenaEstatePlanning.com
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Re: re:living trust
There are a number of trust administration steps that need to be taken, including sending out notice under Probate Code Section 16061.7.
You and your sister do not need to wait to start administering the trust.
Feel free to call my office if you would like to discuss.