QUESTION

i am beneficiary of trust and i was asked to sign receipt,release and refunding agreement is it mean that trustee can ask me to give money back thanks

Asked on Jan 19th, 2019 on Trusts and Estates - California
More details to this question:
do i have to give money back to trustee
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1 ANSWER

Estate Planning Attorney serving Woodland, CA
Partner at Sonin Law
3 Awards
The trustee can ask you to give back money if unexpected expenses happen, such as the IRS auditing the decedent's taxes and demanding payment of back taxes, or someone coming out of nowhere claiming to be an omitted heir, requiring the trustee to go to court to fight them.  If the trustee asked you to give back some money to help with those expenses, you would be legally required to give back what was demanded. These situations don't happen that often, but the takeaway is don't spend your entire inheritance right away. Keep some in reserve.
Answered on Jan 21st, 2019 at 8:09 AM

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