Legal Question in Wills and Trusts in California
Trust Assets
My father recently passed away. My two sisters and I are in his will and all assets should be divided 1/3 each. His revocable living trust names the two sisters as co-trustees. They are in the process of changing his property into their names only. I want to find out if this is correct, if it is necessary since they will sell eventually, is there a timeline to change ownership? How should the rent be handled and property taxes. Since there are major problems between us, do I need a lawyer?
2 Answers from Attorneys
Re: Trust Assets
It does seem a little odd that they would transfer title to themselves only, but it may be in anticipation of a sale.
You need to be careful about starting a contest because there may be a no-contest clause.
If you believe thee is wrongdoing, you should retain counsel and demand an accounting, this should be provided to you anyway.
Our firm specializes in wills, trusts, estates and probate so we should be able to assist you. Please feel free to contact me directly at the email provided by LawGuru or through our firm's site PasadenaEstatePlanning.com
Re: Trust Assets
normally, if there is a valid revocable trust which became irrevocable at death it is appropriate for the title/account name of real and personal property to be changed to the names of the trustees (specifically as trustees of the trust) during the existence of the now irrevocable trust (or trusts).
you do need a qualified attorney to review the trust agreement, provide you with advice and represent you as necessary. please contact my office if i can be of assistance.
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