How much should a trustee of a trust be paid in California?
Under the California Probate Code section 16420 (a) (7), the court can reduce or deny compensation of the Trustee if the Trustee commits a breach of Trust. If the Trustee causes a loss of $10,000, and the Trustee is requesting Trustee’s fees of $10,000, the court can deny that fee request to make up for the harm caused to the Trust.
Can a trustee of a revocable trust in California?
The trustee of a revocable trust is not obligated to provide the Transfer Disclosure Statement (TDS) required in most California residential real estate transactions, provided that the trustee is a “natural person,” meaning not a corporation or other organization.
Can a trustee of a trust sell real property?
A trustor acting as trustee of a revocable trust is not necessarily bound by the full range of fiduciary duties as trustee, since they can modify the trust’s terms as trustor. A trustee may sell real property, subject to the authority granted to them in the trust document.
Who are the beneficiaries in a trust?
A trust designates beneficiaries who are entitled to receive something from the assets held by the trust. This could be ongoing income from interest or rent, or proceeds from the sale of trust assets. The person who creates a trust, known as the “trustor” or “settlor,” must designate a trustee in the trust document.
Under the California Probate Code section 16420 (a) (7), the court can reduce or deny compensation of the Trustee if the Trustee commits a breach of Trust. If the Trustee causes a loss of $10,000, and the Trustee is requesting Trustee’s fees of $10,000, the court can deny that fee request to make up for the harm caused to the Trust.
What should a trustee do for a trust?
Hence, a trustee should keep a mileage log with respect to trust-related travel, including tolls paid. Expenditures to prepare Mom and Dad’s house for sale also should be carefully documented, with supporting invoices and canceled checks.
What happens to Moe and Curley when Larry becomes a trustee?
When Larry becomes the trustee, siblings Moe and Curley may be resentful and thus disinclined to go along with any fee.