California  |  Wills and Trusts

Legal Question

Asked on: 2/01/10, 9:24 am

When a living trust becomes irrevocable due to the trustor's death, under what circumstances must the successor trustee prepare and file tax returns for the trust and send K-1s to the beneficiaries? I think it has something to do with either (a) the trust earning income, or (b) whether the income is retained in the trust or fully distributed to the beneficiaries, but I'm not at all clear on this. What are the trustee's record-keeping, tax filing and beneficiary-report-making duties in general?

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