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:
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 website.