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Hello, I was wondering, in the state of California, how long does the trustee has to fund a trust? It has been a year since my grandmothers death. Thank you.

2006-07-08 16:19:35 · 2 answers · asked by theitfactor 2 in Politics & Government Law & Ethics

2 answers

as long as it takes to drink a beer and smoke a cig

2006-07-08 16:39:48 · answer #1 · answered by Anonymous · 0 0

A trust is a division between equitable title, held by the beneficiary, and legal title, held by the trustee.

The trustee is appointed, usually by person who creates the trust, sometimes by the court. The trustee does not fund the trust. That is done by the person who creates the trust (the grantor).

Trusts may either be created when the grantor is alive (called "inter vivos") or they may be created through a will (testamentary). There is also a special kind of trust, called a "pour over trust" which is created during life but is empty until the grantor's death, at which point it is funded from the residuary of the estate, or as directed by the will.

So, the actual answer to your question (when the trust gets funded) depends upon the type of trust that was created. However, it is not the trustee who does the funding.

2006-07-09 00:07:31 · answer #2 · answered by coragryph 7 · 0 0

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