Blog: The Trusts & Estates Law Blog

An essential aspect of estate planning is the Trustee, who will be tasked to carry out wishes. This is such an important role that potential Trustees are usually asked if they would be willing to take on the responsibility before being named in a Trust. Occasionally, however, Trustees are surprised to find that they have been named. Regardless of how the role comes to you, the Trustor (sometimes called “Settlor,” “Grantor,” or “Trustmaker”) trusted you and believed you to be responsible. Selection as Trustee is an honor, but attorneys know that it can be quite an undertaking.

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On September 30, 2021, Governor Gavin Newsom signed California AB 1194 amending numerous statutes pertaining to conservatorships.  The following are highlights:

Internet Posting of Fees of Licensed Professional Fiduciary:  On or before January 1, 2023, an individual licensed as a professional fiduciary (LPF) by the State of California, and who has an internet website, is required to post on their website a schedule or range of the LPF’s fees, including, but not limited to, the LPF’s hourly rate for services rendered.

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As trusts and estates litigation counsel, we often have matters where a fiduciary, either as a trustee, conservator, personal representative, or agent under a power of attorney, fails to provide financial information when properly requested, or to provide an accounting if one is required under law.  The result is that the person seeking the accounting may be left with no alternative but to file a petition with the court for an order compelling the fiduciary to submit an accounting, most commonly by requesting that the accounting be filed within the court proceeding.

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Britney Spears says so.  After thirteen years of conservatorship, on June 23, 2021, Britney appeared remotely at her conservatorship hearing and relayed her emotional plea to the judge to terminate her conservatorship without the need for any further evaluation.

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Planning for the end of one’s life, or potential incapacity, is probably something an individual in their 20’s, 30’s, or even 40’s does not want to contemplate.  Even those in their later years might find it a difficult topic to discuss.  However, there are several important reasons why one should strongly consider having a Will prepared, and perhaps other estate planning documents, such as an Advance Health Care Directive or Durable Power of Attorney for Financial Management, despite their being a member of Generation X, Y, or Z.  These scenarios are based on personal experience with cases handled by me and which could have been avoided with a bit of planning.

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Conservatorship proceedings are commenced for a variety of reasons, but the most common circumstance is when an elderly person requires assistance, either with their medical care, or their financial affairs, or both, and that individual does not have an alternative in place which would eliminate the need for a conservatorship.

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2020 has been a year to remember for so many reasons: a global pandemic, the race to a vaccine, and an election with record-breaking voter turnout.

President-elect Joe Biden and his running mate Vice President-elect Kamala Harris campaigned on a platform of detailed proposals, including changes to certain areas of tax law. Here are some reforms that we might see during a Biden presidency, and the effects those changes might have:

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In 1978 California voters approved Proposition 13, a landmark measure that set—and has kept—property taxes at a low rate. This November’s ballot includes a proposition known as the “split roll” initiative that would make significant changes to Proposition 13.

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The COVID-19 pandemic has focused us all on necessities and on trying to prepare for an uncertain future. This article outlines why an estate plan is one of those necessities.

I Don’t Have an Estate Plan; What Would Happen if I Died?

It’s important to have an estate plan for several reasons.  During your life, you want to ensure that you control your assets and that if you are ever incapacitated, your estate is controlled by a trustee that you have selected. When you pass away, you want to be sure that your assets are distributed to your beneficiaries in accordance with your wishes. This is especially important if you have charitable bequests, young children, or want to distribute specific assets to certain beneficiaries or in specific ways such as by age or in trust.

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When Karl Lagerfeld passed away in February of 2019 in France, many speculated that his cat, Choupette, was well provided for as part of his estimated $150 million estate. This pampered feline was much loved by Mr. Lagerfeld during his life, and appeared in photoshoots and featured in many high-end fashion magazines. However, over a year after Mr. Lagerfeld’s death, certain media outlets have reported that the administrator of Mr. Lagerfeld’s estate has “disappeared.” Based on these reports, many question whether Choupette will ever be able to dig her claws into her alleged inheritance.

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