To make sure that beneficiaries to a will or living trust aren’t kept in the dark when it comes to the money being spent, earned, and distributed from the estate, California law requires that certain people who are in charge of handling the estate or trust property provide accountings. The right to an accounting becomes even more important when administering a living trust because there’s much less court oversight than there is when property is distributed by the probate court when a person passes away with or without a will. Every trust designates a “trustee” to handle administration of the trust and distribution of its assets. If a person dies with a will, these responsibilities can fall on the “executor” who was named in the will, and when neither a trust nor a will is left behind, an “administrator” will be appointed for the job. (more…)
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