Full question:
Do I have to u[date Family Trust.? My husband died.
- Category: Trusts
- Date:
- State: California
Answer:
The answer will depend on the terms of the trust document as to what happens on the death of the grantor/settlor/trustor, and whether your hussband was named as one. For example, a clause such as the following will often be included:
''V. Death of a Grantor. Upon the death of the first of the Grantors to die (the ''Decedent''), the Trust shall become irrevocable with respect to the property contributed to the trust by the Decedent (including accumulated income on that property, but excluding Trust property given to the surviving Grantor) and shall continue for the benefit of the surviving Grantor (the ''Surviving Grantor''), subject to distribution (if any) that may be required (i) by this Agreement, or (ii) to pay the just debts, funeral expenses, and expenses of last illness of the Decedent. "
Depending on the size of the estate, estate tax returns may be required and estate taxes may be payable. The estate tax returns, if required, and any tax due, must be filed within nine (9) months following the date of death.
Please see also:
http://www.attorneyjrh.com/Jeffrey_R._Hartmann,_Attorney_at_Law/Administration_of_the_Family_Trust.html
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
