Sale of Real Property by a Trustee in California, Part 2: Legal Pitfalls

Author: Staff Creating a “living trust,” as opposed to a will, allows an individual to take a more active role in the preparation of their estate. In a will, the testator designates someone to act as executor, but that person is not authorized to act until after the testator’s death. The executor must submit the will to a probate court, which can take time. A living will allows the process of distributing assets to begin while the testator—known as the “grantor” of the trust—is still alive. The trustee can bypass the probate process when the time comes. California real estate investors may benefit from living trusts. They should understand the various legal pitfalls that they can produce. Fiduciary Duties of a Trustee When the grantor of a living trust is still alive, they often serve as the trustee. The trust instrument should designate a successor trustee to take over upon the grantor’s death. The trustee owes fiduciary…

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