Source: https://life.healthreformquotes.com/life-and-estate-planning/estate-planning/living-trust/executor-what-are-the-duties/
Timestamp: 2019-08-25 18:15:38
Document Index: 2782009

Matched Legal Cases: ['§16061', '§16060', '§6400', '§6402', '§16061', '§16061']

Home › Life Insurance › Estate Planning › Living Trust › Executor – Successor Trustee – What are the duties?
Executor of a deceased person’s Estate?
CA Franchise Tax Board on Estates & Trusts
Superior Court Santa Clara FAQ Probate Trusts
CA Court Forms – Probate
Free Revocable Living Trust – ONLINE Tool
Related Pages in Estate Planning Section
Typically, an executor Nolo * Checklist & Notices Kit * must:
Decide whether or not probate court proceedings are needed. (Nolo Probate FAQ.)
File the will (if any) in the local probate court. Nolo Finding and Filing the Will.
Supervise the distribution of the deceased person’s property. White & Williams * Nolo.com
Report information and account to beneficiaries within 60 days §16061.7 * Nolo * Stimmel *
buying assets for yourself or a family member from the estate or trust, even at market price, American Bar Assoc
requires a fiduciary to carefully manage trust or estate assets. “prudent investor rule,” which requires a fiduciary to use reasonable care, skill, and caution in managing assets. An executor or administrator is held to a “prudent man” standard, which is lower than a “prudent investor.” Assets must be sold at proper prices and on proper terms.
A fiduciary must not favor any beneficiary over another. the fiduciary must treat himself no better than any other beneficiary. Lindlaw.com
NO, it’s too much. How do I get out of this obligation?
A renunciation is a legal document that states the person named in the will as executor will not act as executor for the estate. Sign the renunciation form or petition and file it legal Zoom * Salvolaw.com * Legal Zoom *
Unless the beneficiaries say they do not want one, the trustee must file an accounting of all trust transactions while he or she was acting as trustee. Santa Clara Court *
Any beneficiary who is 14 years of age or older can nominate a trustee, even though a minor under the age of 18 is not legally qualified to serve as trustee. Santa Clara Court *
Consider hiring an attorney, bookkeeper, accountant or corporate trustee to help you. (A corporate trustee can manage the investments and do the recordkeeping.) If you feel you cannot handle any of the responsibilities due to work, family demands or any other reason, you can resign and let the next successor trustee step in. If no other successor trustee has been named, or none is willing or able to serve, a corporate trustee can usually be named. * Estate Planning.com *
Beneficiary's right to know
CA Probate Code §16060 The trustee has a duty to keep the beneficiaries of the trust reasonably informed of the trust and its administration.
“Heir” means any person, including the surviving spouse, who is entitled to take property of the decedent by intestate succession §§6400-6455 under this code. Probate Code 44 *
...The part of the intestate estate not passing to the surviving spouse, under Section 6401, or the entire intestate estate if there is no surviving spouse, passes as follows:
(a) To the issue of the decedent, the issue taking equally if they are all of the same degree of kinship to the decedent §6402 * Nolo *
§16061.7. (f) The notification by trustee shall be served not later than 60 days following the occurrence of the event requiring service of the notification by trustee, or 60 days after the trustee became aware of the existence of a person entitled to receive notification by trustee, if that person was not known to the trustee on the occurrence of the event requiring service of the notification.
§16061.9.
Three Don’ts at a Trustee or Executor
11 comments on “Executor – Successor Trustee – What are the duties?”
How do trust – will beneficiaries get notified? Does the administrator need their tax ID?
Establish a reliable line of communication with each beneficiary and get his or her address, Social Security number, and birth date. This information will help you properly file taxes and create an appropriate payout schedule for the trust.
There are no formal steps to follow when notifying beneficiaries
You need to obtain the beneficiary’s address and Social Security Number (SSN). Beneficiary payments will probably contain elements of taxable income. Because he or she must pay the tax on that income, you shouldn’t make any payments without obtaining tax reporting information upfront. https://www.dummies.com/personal-finance/estate-planning/how-to-notify-trust-beneficiaries/
One of the heirs – beneficiaries doesn’t want his inheritance and wants to give that portion to someone left out of the will and/or another beneficiary. What’s the procedure to do that?
There’s absolutely nothing to stop you from taking possession of an inheritance, then giving it away. Some people have good reasons for not accepting such gifts, from tax issues to simple generosity. If you would rather not accept an inheritance at all, however, things become a bit more complicated.
renouncing or disclaiming involves notifying the executor or personal representative of the estate – the individual charged with guiding it through the probate process and settling it – that you don’t want the gift. You must do so in writing, and it’s an irrevocable decision.
If you decide to accept then give away your inheritance, you have the obvious right to decide who receives it. This is not the case if you renounce the gift. In most states, your disclaimer removes you from the equation just as though you had died before the individual who left you the bequest.
You haven’t officially washed your hands of your inheritance until you notify the Internal Revenue Service that you’re doing so. https://legalbeagle.com/12327523-can-transfer-inheritance-someone-else.html
the law views a disclaimer as if you had died, your inheritance would go to the person or persons the decedent directed to receive it in the event of your death. This might be your children, your spouse, a charity or a distant relative. In most cases, you can’t disclaim an inheritance and dictate to whom you want it to go instead. https://info.legalzoom.com/happens-someone-refuses-accept-inheritance-21217.html
https://dennisfordhamlaw.com/transferring-inheritance-rights/
What do I do with the household belongings that are too nice to just donate to goodwill or a charity and none of the heirs want?
How do I get the most $$$ for them?
http://adamsunlimited.net/faq.html
https://estatesales.org/university/estate-sale-tips-for-hard-to-sell-items
https://estatesales.org/university/take-good-estate-sale-photos
How does an executor transfer title to a car that is being sold from the estate?
How does he show that he has authority to sign the pink slip?
Here’s my research in Google:
Ownership of a vehicle may be transferred to the deceased owner’s heir 40 days after the owner’s death if the value of the deceased’s property in California does not exceed $150,000. The requirements are:
The California Certificate of Title. The heir must sign the deceased registered owner’s name and countersign on Line 1. If the heir is to be the new owner, he/she completes and signs the back of the title.
A Certificate of Transfer Without Probate (REG 5) https://www.dmv.ca.gov/portal/wcm/connect/e4aef797-a865-4481-ab31-586e8f6c7052/reg5.PDF?MOD=AJPERES&CVID=
completed and signed by the heir.
Odometer Disclosure Statement. If you have an older title or ownership certificate without an odometer certification box, or if the vehicle was sold more than once, complete a Vehicle/Vessel Transfer Form (REG 262). This form is not available on the Internet. To obtain a form by mail, call DMV’s automated phone service 24 hours a day, 7 days a week at 1-800-777-0133.
If the heir prefers to sell the vehicle, the buyer will need the items above and:
A Bill of Sale from the heir to the buyer.
A Transfer Fee. (Two transfer fees are due in this case.)
Additional information on transferring a vehicle without probate.
https://www.dmv.ca.gov/portal/dmv/?1dmy&urile=wcm:path:/dmv_content_en/dmv/vr/checklists/family_transfer
Copied from https://www.dmv.ca.gov/portal/dmv/detail/vr/checklists/probate
2) the second most common way to transfer a vehicle after death is in a probate. In that case the Executor, or Administrator, of the estate will sign the pink slip (title paper) by actually signing the decedent’s name and then writing, “by ______ Executor.” The executor just writes their actual name in where the blank line is. The buyer can then register the car. Of course the money from the sale should go into the estate bank account. There is not a set DMV “form” for this as there is for transferring without probate. https://californiaprobate.info/2012/07/transferring-cars-after-death-in-california/