San Diego trust lawyers at Grossman Law reveal a powerful tool trustees can use to cut back and eventually halt creditor’s claims against the trust.
Articles about Creditor’s Claims Against Trust
In order to bring a claim to gain access to the assets of a trust, a creditor must sue the correct party. That party is the trustee, not the trust itself.
Assets held in a revocable living trust are generally not protected by creditors. There are many reasons why this is the case.
What should I do if credit card companies are contacting me regarding my deceased loved one’s estate?
Administering a probate in California can be a confusing process for those unfamiliar with the procedures. Unfortunately, failing to understand the responsibilities of an executor, administrator, or family member of a deceased individual can be costly.
How do I invoke the creditors claim procedure to limit and eventually stop creditors from filing new claims against the California trust I am administrating?
For a California trustee, the process of invoking the creditors claim procedure in trust administration works as follows: A notice to creditors on the decedent’s behalf is published to a local newspaper.
The executor or administrator of a California probate estate has a duty to protect and preserve estate assets. Part of this duty involves denying or approving claims in the creditors claim procedure.
Creditors of a decedent may pursue a lawsuit against the trustee of the decedent’s trust. Seeking repayment requires that several actions be taken.
A trustee of a spendthrift trust may be approached by a creditor of a beneficiary. In some situations, obligations to the creditor may exist.