Trustee Succession In California

Summary

In California, if a joint trust is created by both spouses, it typically doesnt split upon the death of one spouse unless specified otherwise in the trust. The succession plan in a trust outlines who takes over as trustee upon the death, incapacity, or resignation of the original trustee. Granting power of attorney does not automatically mean resignation as a trustee; a written, signed, and possibly notarized resignation is required. Upon the death of a settlor, notification is required to both current and contingent beneficiaries, who also have the right to request a copy of the trust. Consult a local attorney for specific advice.

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Under California Law, does a trust have to be split if one of the trustees dies but all of the assets are jointly in both spouses names?
In California, if the trust is a joint trust created by both spouses, upon the death of one spouse, the trust typically doesn't split. However, it depends on the trust's terms. Please consult a local attorney for specifics.
How do I interpret the following paragraph in the trust: "At the death, incapacity, or resignation of the survivor of the undersigned, then XXXXXXXXXXX as First Successor trustee. Should the first successor trustee fail or decline to serve then XXXXXXXXX shall serve as Second Successor Trustee. They are to serve without bond.
This paragraph outlines the succession plan for your trust. It means:
- Upon the death, incapacity, or resignation of the last surviving original trustee, the First Successor trustee (XXXXXXXXX) takes over.
- If the First Successor trustee cannot or will not serve, the Second Successor trustee (XXXXXXXX) will take over.
- Both successor trustees shall serve without posting a bond.
what is posting a bond?
Posting a bond in the context of a trust means providing a financial guarantee to the court. If the trustee fails to fulfill their duties, the bond can be claimed to compensate for any loss or mismanagement of the trust assets.
If my mom gave me power of attorney, does that mean she resigned as trustee automatically? Or does she need to have a signed statement witness either by notary or * witnesses that she is resigning and naming me as trustee?
In California:
- Granting power of attorney doesn't automatically mean resignation as a trustee. They're separate legal actions.
- For a trustee to resign, typically, a written, signed, and possibly notarized resignation is required. It's best to consult the trust document or a local attorney for specifics.
My Mom is the remaining trustee of the family trust. I am named the beneficiary of *%. There are also contingent beneficiaries if I pass away. If my Mom passes away and I am still alive, do I need to notify contingent beneficiaries of anything?
In California:
- Notification is required upon the death of a settlor to both current and contingent beneficiaries.
- They also have the right to request a copy of the trust.
- Consult the trust document or a local attorney for specifics.