MANAGING AN ESTATE - Suze Orman
[Pages:4]MANAGING AN ESTATE
NOTICE TO BENEFICIARIES
? 2010 SUZE ORMAN MEDIA, INC. ALL RIGHTS RESERVED.
MANAGING AN ESTATE--NOTICE TO BENEFICIARIES
Why you need to send the notice to beneficiaries and heirs.
Although some people think it is good to keep things secret, we recommend you be as transparent as possible about the documents and your accounting. No matter what the local law, if a beneficiary or heir wants a copy of the trust and will, the court will give it to them. By following the procedures below you limit the time within which someone can object to the terms of the trust. You should wait for 120 days before distributing any assets if you feel there could be such a claim. The beneficiaries are named in the trust so it is clear who they are and that they should receive copies of the documents. The heirs are another matter. If a person dies and has as spouse and children they are entitled to copies even if they are not named as beneficiaries. If there are no children or spouse, and the deceased's grandchildren and/or parents are living, then they are entitled to a copy. If there are no children, grandchildren, or parents living then great grandchildren get notice. If there aren't any of those, then brothers and sisters and if no brothers and sisters, nieces and nephews get a copy. If you need help with this, you may be able to find a website that lists who are considered heirs. This is called a table of consanguinity. On the following pages, you will find a sample notice to beneficiaries letter.
? 2010 Suze Orman Media, Inc. All rights reserved. | page 2
MANAGING AN ESTATE--NOTICE TO BENEFICIARIES
Notice to Beneficiaries
Pursuant to California Probate Code 16061.8 The California Probate Code ?16061.8 provides that when a revocable trust becomes irrevocable by reason of the death of the Settlor, the Trustee must give notice of the fact to each beneficiary of the trust and to the heirs of the Settlor. This notice pertains to the following: The Settlor of the JANE DOE REVOCABLE TRUST was JANE DOE. Upon her death on _____________________ the trust became irrevocable. The original Trustee of the trust was JANE DOE and the current acting trustee is now NANCY ROE. The trust was executed on __________________________ (date) and amended on _________________________ (date or if not applicable, please indicate N/A). The principal place of business for the administration of the trust is: Address: City, State, Zip: and the phone number is ________________________ for all matters relating to the trust. You are entitled to receive a copy of the trust instrument due to your relationship with the Settlor. A copy of her trust and will is being provided with this notice.
Date ____________________________________________________________________________ NANCY ROE, Successor Trustee of the JANE DOE Trust
You may not bring an action to contest the trust more than 120 days from the date this notification by the trustee is served upon you or 60 days from the date on which a copy of the terms of the trust is mailed or personally delivered to you during that 120-day period, whichever is later.
? 2010 Suze Orman Media, Inc. All rights reserved. | page 3
MANAGING AN ESTATE--NOTICE TO BENEFICIARIES
DATE Beneficiary ADDRESS ADDRESS
RE: Jane Doe Trust Dear BENEFICIARY, We will all miss Jane terribly. She was very organized and left her affairs in good order. I have enclosed a copy of Jane's trust pursuant to California Probate Code ?15804. The trust names me, Nancy Roe as successor trustee. I am willing to serve. I will be consolidating, then distributing assets. From my understanding, administering a trust takes about six months after the date of death to complete. While I hope this will be the case for Jane's trust, your patience and understanding is appreciated if complications arise. If you have any questions, please do not hesitate to contact me at ____________________. Sincerely,
Nancy Roe Enclosures
? 2010 Suze Orman Media, Inc. All rights reserved. | page 4
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