Legal Question in Wills and Trusts in California

Re: Revocable Living Trust

First, I am sorry for your loss.

The answer depends entirely upon the terms of the trust. Every trust is unique and some provide for an allocation of the assets upon the first death, while others say nothing needs to be done.

If an amendment or other work is required after your mother's passing and it is not done, then matters for you and any other beneficiaries can become more costly and delayed upon your father's passing later on. Thus it is best to abide by the terms of the trust.

So, only a qualified trust and estates attorney will be able to tell you what is needed and very often the size of your parents estate (assets, including any retirement plans, life insurance, real estate, bank accounts, etc.) will determine the cost involved.

I would be happy to discuss further issues if you like. I would need to know an estimate of the estate value and a retainer fee paid to this work for your father.

Kind regards,

Marc

Re: Revocable Living Trust

There are certain steps that should be taken on the death of the first spouse, and your father should consider speaking with an attorney about that as well as his desire to amend the trust.

Feel free to contact my office to discuss.

Re: Revocable Living Trust

First and foremost, I am sorry to hear of the passing of your mother. I hope it was not a painful passing.

As far as your question, it depends on the terms of the trust. Generally, most trusts divide into two separate trusts; a decedent's trust and a survivor's trust (often called an A-B trust split). The trust will determine how specific items are used to fund each separate trust. Hopefully, your father has seen a qualified trust attorney to assist him with the formalitites required for the split as well as the assignment of items to the two trusts. I do suggest he does so.

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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