This is a different problem than compensation. Compensation is literally only the consent of the beneficiary to pay for certain expenses if something appears in the future. It`s something you may be willing to sign. You should certainly have it checked by a trust and a lawyer of the estate before signing everything an agent presents to you. What the agent might be concerned about is an unpaid tax debt or the fact that a creditor wants to come in the future and be paid out of the trust funds. If the agent has already distributed the trust funds, the agent would not be able to pay that creditor. The agent wants the beneficiary to agree to pay these creditors from the trust if a creditor comes in the future. You can learn more about the rights and restrictions of agents by continuing to explore our website. Section 16004.5.b). (1) The California Probate Code states that agents are authorized to commit certain acts in order to protect themselves from liability issues related to the trusts they manage. Among them, being the beneficiary of a trust created by someone in Woodland Hills can seem like a frustrating proposition. Indeed, even if you are entitled to a distribution of the trust`s assets, these payments often seem to be left to the discretion of the agent.
Many of us in Alice A. Salvo`s law firms have asked us exactly what control an agent has over distributions. For example, say you are entitled to a payment from the trust, but the agent contacts you by stating that there is a problem in the management of the trust that affects your interests and that the only way to get what comes to you is to taint it. Can he or she do that? An agent may ask a beneficiary to sign a paper surcharge in which the agent is compensated before the distribution of assets. If you have received full disclosure of everything from the agent, you may want to sign a publication. If you have not received full disclosure from the agent, you should not sign an authorization under any circumstances. You want to get information to see if the agent has done his job. With respect to the compensation of security claims, an agent can only require it for those who are not cited as beneficiaries of the trust. Therefore, in the scenario above, the answer is no, the agent cannot use your distribution as leverage. However, he or she may try to convince you to enter into a voluntary agreement that frees him or her from liability in these cases.
If you have problems, if an attorney wants an authorization. When an attorney says, “I want you to relieve me of all my duties and duties so that you cannot come back and sue me later for a mistake I may have made.” I would be more careful if I agreed with a publication. Let`s talk first about what compensation means? Compensation is a legal term. This literally means that one person will pay for every loss or damage of another person. There are times when a beneficiary can sign compensation and that is perfectly correct. In fact, there are many times, especially when it comes to tax issues related to the Internal Revenue Service. You must register with the CGV member`s membership information to view this content.