Legal Question in Wills and Trusts in California
My best friend executed a Living Trust in January 2019, revoking all prior trusts and wills, and named me as her successor trustee. Her 3 adult children are the beneficiaries of her trust. She passed away in May 2019. She divorced in 2015. Her 3 adult children are the beneficiaries of her trust. Her universal life insurance policy is listed in the trust document as an asset. I received the claim form with a certification of trust form from the insurance company, with a cover letter indicating that the beneficiary of the proceeds is her old trust of March 28, 2011. The certification of trust form asks what the date of the trust is that I'm the trustee of. They're not at this time asking for a copy of the trust. Her old trust burned with the rest of her belongings a few years ago, and I nor anyone else has a copy of it. The only other possible heirs of her estate would be her father and her 3 children. She was an only child. The amount of the death benefit is $300,000 plus accumulated cash of $13,000. Other than this, there are no other assets. How do I fill out the form, and will I need to open a probate? I know one of the reasons she had a trust was so that I wouldn't have to go through the probate process. Thank you for your time.
1 Answer from Attorneys
Don't rush to file a Petition for Probate. It's worth a try to send the insurance co a copy of the new trust with the schedule listing the policy, and your explanation about the old trust being destroyed. Since the three children- next of kin- are the beneficiaries, they might be willing to distribute to you as Trustee or directly to the kids. Or not. If the latter, you can file a Petition to Confirm Trust Assets (sometimes called a Heggstad petition) which is less expensive and time consuming than full probate.
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