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Until now, the last requirement of Revenue Ruling 2004-64 was problematic for grantor trusts subject to California law. Long-standing provisions of the California Probate Code allow a creditor to access trust property to satisfy the debts of a trust settlor who has a beneficial interest in the trust. It had been unclear under these laws whether ...
Trust beneficiary abuse in California can take multiple forms, including financial exploitation, undue influence, trustee neglect, and mismanagement, necessitating proactive action to protect beneficiaries’ rights. California law legally enforces trustees’ fiduciary duty to manage trusts in the best interest of beneficiaries, with remedies ...
After the unconventional 2020 legislative session due to the outbreak of the COVID-19 pandemic, 2021 saw the enactment of quite a few new laws covering trusts and estates. Some of the standout legislation includes the Legislature’s implementation of the tax changes from Proposition 19 and changes to conservatorship and guardianship law.
Senate Bill No. 801, also known as the California Uniform Directed Trust Act, adds a structured framework to the Probate Code, allowing for the formal establishment of directed trusts. This legislation specifies the roles and responsibilities of both the trust director and the directed trustee, including:
Apr 7, 2020 · Before AB 328, California law (in Probate Code sections 21360-21392) generally applied a presumption of undue influence to paid caregivers who received substantial benefits from elders by means of donative transfers from them, including wills, trusts and beneficiary designations. An opportunistic caregiver, however, could bypass this adverse ...
who claim that trust amendments eliminating their beneficiary status arose from incompetence, undue influence, or fraud.2 1 All further statutory references are to the Probate Code unless otherwise indicated. 2 We do not decide here whether an heir who was never a trust beneficiary has standing under the Probate Code to challenge that trust.
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Can a trustee revoke a trust in California?
Are California grantor trusts a good option for estate planning?
Can a remainder beneficiary revoke a revocable trust?
Can a creditor access a trust property?
Can a revocable trust be revoked?
Can a trustee petition a court to determine the existence of a trust?
Jun 4, 2024 · Revocable Trusts: These trusts can be altered, amended, or revoked by the trustor at any time. The trustor retains control over the assets within the trust until their death, at which point the trust becomes irrevocable. Irrevocable Trusts: Once established, these trusts cannot be altered or revoked without the consent of the beneficiaries.
