Collecting Assets as a Trustee – When Bank Account and Investment Account is in Decedents Name

It's not always easy to be a trustee, and there are many complicated steps you may need to take. What if the bank account or investment is in the decedent's name? What if it's not in the trust, there's no joint owner, and there's no POD beneficiary? How do you handle that? In this article, we will go over all the necessary actions for handling these situations.   First, banks are not always very up to Read More

Collecting Assets as a Trustee – Bank Accounts and After-Tax Investment Accounts

  Being a trustee is all about collecting assets, getting them under the trust, paying off bills appropriately, and then transferring the balance to the beneficiaries. This article will be talking about collecting assets, specifically bank accounts and after-tax investment accounts. Bank accounts are checking accounts, savings accounts, or certificates of deposit. These are several different types of Read More

Collecting Assets as a Trustee – Personal Property with No Title | Trust 101 Series | Lawvex

The goal of collecting assets is to make sure that they are in the right place. A trustee has a duty to do so, and it's almost like herding cattle: making each animal go where you want them to be as quickly and efficiently as possible. It's hard work but crucial for everyone involved because wrongfully taking an asset from someone else could break up their family or even lead people into bankruptcy! What happens Read More

Collecting Assets as a Trustee – Personal Property with the Title

So, you've been entrusted with the task of collecting assets on behalf of a trust. As an officer of the court, you will want to make sure that you discharge this duty by collecting personal property with the title. First, let's define personal property. As a trustee, you have the responsibility of collecting personal property on behalf of the trust. The definition for "personal property is moveable items: tables, Read More

Lawvex, LLP – Named a 2020 Law Firm 500 Honoree

Over the past 7 years, since becoming the first “branded” law firm in Central California, our team at Lawvex has been dedicated to providing excellence in customer service resulting in many happy clients. In doing so, our commitment and focus has taken us on a fabulous journey of growth – both personally and for our business. We are pleased to announce that our law firm has been named a 2020 Law Firm 500 Honoree Read More

How do I get access to some of these trust assets? | Trust 101 Series | Lawvex

Welcome back to our Trust 101 series. This is video four of module two of our Trust 101 series.   In the first module in our Trust 101 series we covered some of the basics of what wills and trusts are and what executors and trustees do. In the second module we have covered how to be installed as a trustee, who you need to notify and how, and what your first steps should be. In this fourth video, we will talk about Read More

What Are My First Steps As A Trustee?

Welcome back to our series on Trusts, our “Trusts 101” series. This is our third video in the second module.  In this video we're focusing on now that I've been installed as a trustee and I've notified everybody what I do next? What's the next step? What are my first steps as a trustee?   So the answer to that depends a little bit on whether my beneficiary is incapacitated, ifI'm taking  care of an aging parent Read More

Do I need to Notify Anyone once I become a Trustee of the Trust?

  Welcome back to our Trust 101 Series. This is video two in module two of our Trust 101 Series. In this particular video, we're talking about: do I need to notify anyone once I become the trustee of the trust? If you haven't watched the prior videos, I encourage you to check those out. This one will make more sense. But in this specific video, we're assuming that you as the trustee have been installed as Read More

How to Become a Trustee

In this first video of module two of our Trust 101 Series, we're talking about how do I become a trustee? And if you remember from our prior videos on what a trustee does or what a trustee is, there's a guarantor of the trust that put their stuff in the trust. There's the trustee that holds the assets while they are in the trust, and then the beneficiary that receives the benefit of the assets, that's the income or Read More

What Does A Trustee Do?

So welcome back, everybody, to the series on trust in today's video, our topic is what does a trustee do? And I encourage you, if you haven't seen the previous video on what is a trust, that's one to watch.  And in fact, if you haven't seen the previous two videos in the series on what is a will and what does an executor do, I really think it's helpful to understand a will first and how a will works and Read More