What is the name of your state? California
In 2001 my father created a trust and had it notarized. He then transferred his residence into the trust using the county recorders office. The residence was his main asset.
In 2003 I moved in as a caretaker. He asked for assistance with preparing a trust. He did not inform me he had already created a trust in 2001. I created a second trust and had it notarized.
He passed away in 2007 and now it has come to light there are two trusts - 2001 and 2003 versions. There are differences in asset distribution percentages to beneficiaries in each of the trusts. The first trust was not revoked.
MY QUESTIONS: Which trust takes precedence? I am the trustee successor named in both trusts. Is there any other considerations I should be aware or thinking about with the two trust situation?
Thank You
In 2001 my father created a trust and had it notarized. He then transferred his residence into the trust using the county recorders office. The residence was his main asset.
In 2003 I moved in as a caretaker. He asked for assistance with preparing a trust. He did not inform me he had already created a trust in 2001. I created a second trust and had it notarized.
He passed away in 2007 and now it has come to light there are two trusts - 2001 and 2003 versions. There are differences in asset distribution percentages to beneficiaries in each of the trusts. The first trust was not revoked.
MY QUESTIONS: Which trust takes precedence? I am the trustee successor named in both trusts. Is there any other considerations I should be aware or thinking about with the two trust situation?
Thank You