Without the assistance of us here at the Law Offices of Alice A. Salvo to help you understand revocable trusts, you likely know little about the actual trust you are party to in Woodland Hills other than your interest in its assets. Yet did you know that the settlor can create conditional clauses based upon future events that could impact your interest? If such a clause is in effect, then you would most definitely want to know.
Fortunately, the California Probate Code has listed the requirements regarding how you are to be informed should your stake in a trust be affected by future events. They are as follows:
- If any future actions or occurrences would limit your interest in the trust, you must be given notice immediately after these events have occurred.
- If your interest is unaffected by any future events involving you, but that interest (or a share therein) may be limited based upon the happening of a future event to your spouse, children or any others kindred to you, you would be the one to be notified.
- If your interest would be limited based upon any future happenings to you, and then that same interest (or a share therein) would be further limited based upon future events affecting your spouse, children or kindred, notice would be given to those parties to whom the happenings would first affect.
An example of this may be were assets were given to you to pay for your child’s education, yet then he or she decides not to go to college. You must then be notified of the limiting of your interest based upon that decision immediately after he or she makes it.
More information on actions that could impact your interest in a trust can be found here on our site.