Legal Question in Wills and Trusts in California
Hello. I am the successor trustee of a trust. There are 8 people who are inheriting the assets of the trust, 4 of which are minors (which can't receive a distribution until 25). The estate consists of a home worth $400K and a bank account worth $20k. How do can I transfer the property and cash to the minors? Would it be to the minors guardian or do I need to put into my name as the trustee? Thank you.
3 Answers from Attorneys
You need to review the trust instrument for the answer. Otherwise, you need to consult with an attorney.
How the assets of the trust are distributed depends on the terms of the trust. Most likely, the trust provides that the minors' interest are held in subtrusts and you have to determine from the trust terms if you are the trustee of those subtrusts or if the trust names other trustees. But a careful reading of the trust has to be done in order to properly advise you of its terms.
I suggest you meet with an attorney to walk you through your responsibilities as trustee and advise you how to handle the trust administration. Especially since there are notices that must be sent and other administrative matters that should be handled before any assets are distributed.
I agree with Ms. Rouse and Mr. White. The trust should contain provisions for handling the portion of the estate that goes to minors. It is important that you follow the trust's directives concerning these (and all) distributions. There is more to trust administration than simple making distributions, however. I, too, would suggest that you contact an attorney for assistance. An estate attorney can assist you with the trust administration and ensure that all proper procedures are followed.