Ca Probate Code Notification By Trustee
Description
How to fill out California Uniform Statutory Power Of Attorney - Property - Finances - Section 4401?
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FAQ
The California Probate Code Section 16061.7 states that a successor trustee has a legal obligation to notify all beneficiaries and heirs in the case of the settlor's death to ensure that all parties involved are well-informed.
Duty of Disclosure of Information It is the law that Trustees should keep beneficiaries reasonably informed of the status of the trust administration, the assets, income and expenses of the trust, and all important decisions pertaining to the trust management and distribution.
Trustees have a legal duty to keep the beneficiaries of a trust informed about how the trust assets are being managed. If the beneficiaries don't have good, current information, they can't protect their rights. This responsibility lasts as long as you're serving as trustee.
A: A Notice of Proposed Action essentially requires a beneficiary to ?speak now or forever hold their peace.? California Probate Code sections 16500-16504 permit a trustee to give notice to the beneficiaries of a trust that the trustee intends to take (or not to take) some kind of specified action.
Notice to beneficiaries and heirs: If the trust becomes irrevocable when the settlor dies, the trustee has 60 days after becoming trustee or 60 days after the settlor's death, whichever happens later, to give written notice to all beneficiaries of the trust and to each heir of the decedent.