Legal Question in Wills and Trusts in California
Resignation of Trust/Successor Trustee
In order to facilitate the sale of a property in CA within the living trust of my parents, my mother signed a a document resigning the trust to me. (my father is deceased)
Although she is terminally ill, she is still alive and not mentally incapacitated. Would it be better to reverse the resignation of trust? As Successor trustee, must I be notified if any action is proposed (sales/transfers) on any of the assets in the trust?
2 Answers from Attorneys
Re: Resignation of Trust/Successor Trustee
Based on the information you have provided, it appears to me that your mother has voluntarily relinquished her role as trustee and that you are in a position to assume your role as successor trustee. This is not unusual given her medical prognosis.
Your mother is also likely the primary beneficiary of the trust, so any actions taken by the trustee at this time must be in her best interests. If there is in fact an urgency which requires the sale of a property, it seems to me you are in the best position to carry that out as successor trustee.
Feel free to call my office to further discuss.
Re: Resignation of Trust/Successor Trustee
If your mother resigned as trustee, then you have two choices. You can act as successor trustee or you can pass and allow the second successor trustee act. If you chose to act, then you should look to the trust to determine the scope of your authority. If it's like most trusts, you will have broad authority. If you have any other specific questions about this matter let me know.
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