Legal Question in Wills and Trusts in California

I have prepared an inventory of assets of a trust, after one of the trustees has died. It includes a house. we listed the houses appraised value on the date of death. I have listed the mortgage balance due on the house. Now I am going to prepare the Summary Statement showing "Inventory at Date of Death" plus/minus charges and credits. That inventory at date of death should be equal to the inventory of assets : total assets MINUS the mortgage payable , correct? You start with the assets, net of the related loan? Is that right?

Asked on 5/21/13, 7:57 am

1 Answer from Attorneys

Victor Waid Law Office of Victor Waid
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Not knowing how the trust reads, let alone know the scope of the assets, liabilities, trust expenses, or taxes that may or may not be due, or whether a trust accounting has vbeen prepared, you would be advised to obtain the assistance of a trust administration attorney to advise you.

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5/21/13, 12:21 pm

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