Laymans take: My lay guess is if its in the
trust for now then it must be accounted
for---but details are probably in a footnote
or obfuscated . If trustee must account for
it for tax purposes its probably there to
account for accounting purposes. Have no clue
about need for survivors consent. But if
trust owns say a fractional interest in home
on Main St with some as yet unexercised and
unexpired appointment rights I'll bet trustee
can disclose the Main St asset but not tell
anything of real use abou t it?
CA - Regarding conscent from Mom Survivor for an accounting of her home placed the AB Trust, with her having general power of appointmen, the following appears to require her consent:
Probate Code 16064. The trustee is not required to report information or account to a beneficiary in any of the following circumstances:
(a) To the extent the trust instrument waives the report or account, except that no waiver described in subdivision (e) of Section 16062 shall be valid or enforceable. Regardless of a waiver of accounting in the trust instrument, upon a showing that it is reasonably likely that a material breach of the trust has occurred, the court may compel the trustee to report information about the trust and to account.
(b) In the case of a beneficiary of a revocable trust, as provided in Section 15800, for the period when the trust may be revoked.
(c) As to a beneficiary who has waived in writing the right to a report or account. A waiver of rights under this subdivision may be withdrawn in writing at any time as to the most recent account and future accounts. A waiver has no effect on the beneficiary's right to petition for a report or account pursuant to Section 17200.
(d) Where the beneficiary and the trustee are the same person.
Probate Code 15802. Notwithstanding any other statute, during the time that a trust is revocable and the person holding the power to revoke the trust is competent, a notice that is to be given to a beneficiary shall be given to the person holding the power to revoke and not to the beneficiary.
(Due to AB Trust, Survivor Mom has community property interest in all the real properties, it appears that her home will go into the revocable Survivors Trust, thus, it appears that she has to give conscent for any of the beneficiaries to have an accounting of her home, and/or perhaps other real properties)
However, since Survivor Mom states that she wants us to inherit her home, and Trustee inherit the home I am living in, and the Trustee is not acting on her request due to a 400K conflict of interest due to the different values of the homes, would the following exception apply?
15804. b) If a conflict of interest involving the subject matter of the trust proceeding exists between a person to whom notice is required to be given and a person to whom notice is not otherwise required to be given under subdivision (a), notice shall also be given to persons not otherwise entitled to notice under subdivision (a) with respect to whom the conflict of interest exists.
What is a trust proceeding...does that mean a court proceeding?