145: Trustee and Executor Responsibilities: Best Practices and Pitfalls Part 2
Release Date: 08/21/2024
158: Avoiding Trustee Liability: Critical Steps Before Distributing Assets
Absolute Trust Talk
Being named a trustee is a significant responsibility that demands careful attention, time, and effort—and missing critical steps can lead to complex legal consequences. In this episode of Absolute Trust Talk, host Kirsten Howe and associate attorney Jessica Colbert delve into real-life cases where trustees overlooked essential duties. They discuss three crucial questions every trustee must ask before making final distributions: 1. Have I done everything necessary concerning income taxes? 2. Is there a supplemental property tax...
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157: Avoiding Probate Hassles: Understanding California's 2025 Law Change
Absolute Trust Talk
A significant shift in California probate law is on the horizon, promising to make estate transfers more accessible for many homeowners. In this episode of Absolute Trust Talk, host Kirsten Howe and associate attorney Jessica Colbert delve into a game-changing legislation effective April 1, 2025. This new law allows for a simplified transfer of primary residences valued up to $750,000 to heirs—without the need for probate or a formal estate plan. They discuss how this expansion of the small estate affidavit and petition procedures can ease the burden on families, making property...
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156: Probate Alternatives: Real Estate Affidavits and Succession Petitions Explained
Absolute Trust Talk
In the third episode of their probate alternatives series on Absolute Trust Talk, host Kirsten Howe and associate attorney Jessica Colbert delve into two streamlined legal procedures that help families avoid the costly and time-consuming probate process when transferring small real estate estates in California. They explain an affidavit procedure for properties valued under $61,500 and a petition for determining succession to property for estates under $184,500. The discussion covers the requirements for each method, including waiting periods, the role of a probate referee, and when each...
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155: Spousal Property Petitions: An Easier Alternative to Probate
Absolute Trust Talk
In this episode of Absolute Trust Talk, Kirsten Howe and associate attorney Jessica Colbert delve into the spousal property petition, a vital tool that offers a faster and more cost-effective way for surviving spouses to claim assets from a deceased spouse's estate. They break down the legal nuances, sharing practical examples of how this process works and how it can sometimes be used even after both spouses have passed away. With real-world scenarios and expert advice, this episode sheds light on probate alternatives that can ease the estate administration process for families. Whether...
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154: Unlocking Assets Without Probate: The Benefits of Using a Small Estate Affidavit
Absolute Trust Talk
Navigating the probate process can feel overwhelming, so what if there was a way to avoid it entirely? In this episode of Absolute Trust Talk, associate attorney Jessica Colbert and managing attorney Kirsten Howe introduce the small estate affidavit—an often overlooked yet highly effective tool for bypassing probate when certain conditions are met. Together, they break down what it takes to qualify for this process, explain how it works to transfer personal property without court involvement and point out some important details and potential challenges. Don’t miss this insightful...
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153: AB Trusts After 2013: What You Need to Do Now
Absolute Trust Talk
Welcome back to Absolute Trust Talk! In this exciting episode, associate attorney Jessica Colbert steps into the spotlight for the first time, accompanied by managing attorney Kirsten Howe. Together, they continue the series AB Trusts: Do You Have One? Do You Need One? This episode uncovers the surprising reason many couples have AB trusts without realizing it, and what steps you should take if you find yourself in this situation. You’ll also learn why it might be time to reconsider an AB trust, especially if you are the surviving spouse and want to make changes. Don’t miss out on this...
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152: The Truth About AB Trusts: Will Your Wishes Be Followed?
Absolute Trust Talk
Welcome back to Absolute Trust Talk with Kirsten Howe and associate attorney Jessica Colbert! In this second episode of our AB Trust series, we dive into a vital question: Will your wishes truly be honored? While AB Trusts are a common estate planning tool for couples, they have potential challenges. One significant issue is when the deceased spouse's wishes are unintentionally—or even deliberately—overlooked or altered. Tune in as we explore how and why this happens and, more importantly, what steps you can take to ensure that your estate plan works exactly as intended. ...
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151: Is an AB Trust Right for You? Essential Insights for Married Couples
Absolute Trust Talk
Married couples, is your AB trust still serving your needs, or has it outstayed its welcome? In this episode of Absolute Trust Talk, Kirsten Howe and associate attorney Jessica Colbert take a closer look at AB trusts, a once-standard estate planning tool. They discuss when an AB trust makes sense and when it might just add unnecessary complexity and cost. Tune in as they explain the key benefits of asset control after death, while also considering the downsides, such as tax filing requirements and maintenance expenses. Whether you're revisiting an existing trust or planning for the future,...
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150: Third-Party Trustees: A Smart Choice for Your Estate Plan?
Absolute Trust Talk
In this episode of Absolute Trust Talk, Kirsten Howe and associate attorney Jessica Colbert continue their in-depth discussion on selecting a successor trustee, with a focus on third-party options. They explore key considerations when choosing a licensed professional fiduciary, breaking down the advantages and potential drawbacks of this option. Additionally, they provide insights into other alternatives, such as corporate trustees. Whether you're making this decision for the first time or revisiting your estate plan, this episode offers practical advice to help you choose the best trustee...
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149: Choosing a Child as Your Successor Trustee: Key Factors to Consider
Absolute Trust Talk
Are you considering naming a child as your successor trustee? In this episode of Absolute Trust Talk, host Kirsten Howe and associate attorney Jessica Colbert explore the pros and cons of selecting a child for this crucial role. They break down key factors, including whether to name one child or multiple children as co-trustees, and the potential challenges that can arise, from sibling dynamics to administrative complexities. Tune in to gain valuable insights and ensure you make an informed decision about your trust’s future. Time-stamped Show Notes: 0:00 Introduction 1:45...
info_outlineTaking on the role of a trustee or executor can be daunting—and for good reason! With so many responsibilities and legal requirements, checking all the necessary boxes can feel overwhelming. In this episode of Absolute Trust Talk, we continue our discussion on trustee and executor duties, focusing on the critical importance of notices. For instance, the trustee's or executor's responsibility is to ensure that all beneficiaries and heirs are properly notified of the decedent’s passing. And that's just the beginning. If you’ve recently been named a trustee or executor, you won't want to miss the valuable insights in this episode. Tune in now!
Time-stamped Show Notes:
0:00 Introduction
1:40 Did you know that when someone passes away, a notice must be sent to beneficiaries and heirs?
3:20 An often overlooked but essential notice must be sent to the Department of Health Care Services, even if the deceased wasn’t receiving Medi-Cal.
5:20 If the estate includes real property, notifying the assessor's office is a must. Press play now for what you need to know.
6:18 What if there are multiple properties spread across different counties? Listen in for Jessica’s key tip on handling this situation.