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

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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Answered on 5/21/13, 12:21 pm


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