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Trust

A living trust comes into existence on the date it is signed and assets are placed into it. So even when the settlor dies, trust administration has been ongoing since the date of existence of the trust. However, when the settlor dies, the successor trustee follows the new “sections” of the existing trust. So on the death of the settlor, we now look at trust document and Probate Code for guidance on how to administrator the trust after the death of the settlor.

At this point, the revocable living trust now becomes an irrevocable trust, as the only person who could change it (the settlor) has now died.