Miscellaneous Hearing PR

Cal. Super. - 2nd Dist.October 26, 2015

123 23561 378401583 562400020067960 113454 21905 89 SUPERIOR COURT OF CALIFORNIA, MINUTE ORDER TIME: 09:00:00 AM JUDICIAL OFFICER PRESIDING: Glen Reiser COUNTY OF VENTURA OXNARD DATE: 06/02/2016 DEPT: J6 CLERK: Jacqueline Flores REPORTER/ERM: Anne Peters CASE NO: 56-2015-00473814-PR-TR-OXN CASE TITLE: In the Matter of the Maribel Cooper Trust CASE CATEGORY: Probate CASE TYPE: Trust Proceedings EVENT TYPE: Miscellaneous Hearing (PR) Petition for Order to Terminate Trust and in the alternate, Order to Remove Trustee and Appoint Trustee MOVING PARTY: William Blair Boyd CAUSAL DOCUMENT/DATE FILED: Petition - Other for Order to Terminate Trust and in the alternate, Order to Remove Trustee and Appoint Trustee, 03/03/2016 STOLO APPEARANCES STOLO Robert W. Howell, counsel, present for Petitioner(s). Stolo At 10:08 a.m., court convenes in this matter with all parties present as previously indicated. Attorney David Esquibias appearing for Angelique Friend present. Counsel have received and read the court's written tentative ruling. Matter submitted to the Court with argument. The Court finds/orders: The Court's tentative is adopted as the Court's ruling. Probate Notes: On December 10, 2015, on application of petitioner/sole beneficiary to appoint a successor trustee of the family trust, this court appointed professional fiduciary Angelique Friend on $3.5 million bond. Less than three months later, on March 3, 2015, petitioner asked to either terminate the trust or remove the trustee, after petitioner learned that more than $2,000,000 in decedent's assets in fact passed to petitioner directly outside of the trust. The balance of the trust estate consists of the residence in which petitioner/sole beneficiary resides and a parcel of unimproved land in Oregon. The appointed trustee objects. The trust agreement requires an independent trustee until petitioner VEN-FNR-10.03 MINUTE ORDER DATE: 06/02/2016 Page 1 DEPT: J6 CASE TITLE: In the Matter of the Maribel Cooper Trust CASE NO: 56-2015-00473814-PR-TR-OXN reaches age 55. The trustee is without funds to manage the trust. The trustee is directed to sell the unimproved Oregon real property in order to provide the trust with liquid funds in which to administer the trust estate. Petitioner is directed to advance from the IRA funds or other non-trust assets received from decedent sufficient capital to reimburse the trustee for advances necessary to sustain the trust until he can be reimbursed from the sale of the Oregon property. The trustee's bond is reduced to $875,000. The petition to terminate the trust or remove the trustee in favor of petitioner is denied. The statutory requirements have been complied with and required consents, agreements and reports are before the Court. The Court denies the petition for Trust and in the Alternate, Order to Remove Trustee and Appoint Trustee). On motion of Court Trustee is directed to sell unimproved Oregon Real Property. The Court orders modifies bond posted in the amount of $800,000.00. STOLO VEN-FNR-10.03 MINUTE ORDER DATE: 06/02/2016 Page 2 DEPT: J6