What is Probate Code 16061.7? The Simplified Version
This probate code can be confusing to read and may lead you to question if you're reading the code correctly. Here is a simplified version of what to know about the Probate code 16061.7.
The Basics of Probate Code 16061.7
This code is all about serving a notice to the other trustees in order to show of any changes that have taken place under the code.
A person who is required to provide a notice under this section shall include in the notice:
The identity of the settlor(s) of the trust and the date of execution
The name, address, and telephone number of the person providing the notice;
A description of the property that is subject to the lien or encumbrance;
The date on which the lien or encumbrance was created;
The amount of the unpaid principal balance of the debt secured by the lien
If the trust is a charitable trust
When the revocable trust becomes an irrevocable trust
Terms of the trust
Any waiver by a settlor of the requirement of serving the notice and the voice of this waiver
In summary, these are some key takeaways:
1. The first thing to do when receiving notice from your trustee is to verify that it's accurate. If not, then contact them immediately.
2. You must send the notice within 30 days after the death of the settlor.
3. The notice should contain information such as the name, address, phone number, and email address of the person sending the notice.
4. This notice will serve as the basis for determining whether the trust remains valid.
5. A copy of the notice
If you need more information on this code, please check the code legislature for the full terms. You can use this link to go to their website: link.
If you want to talk about it with someone, do not hesitate to give us a call at 909-451-9819.