Living Trust California Law

Where wills simply define how your assets will be transferred after you die trusts can hold assets during your lifetime.

Living trust california law.

You can be the trustee of your own living trust keeping full control over all property held in trust. In california estates with a market value over 150 000 may be subject to the full probate process and a simplified process is available for estates worth less than 150 000. You continue to be able to use the assets for example you would live in and maintain a home that is placed in trust. Living trusts begin at 695.

California probate code section 15400 says that a trust is revocable unless expressly made irrevocable. Foley for creation of living trusts estate planning legal wills power of attorney issues with probate and more. However california does have two procedures that fast track the probate process for smaller estates using simplified probate processes. Read more california living trust vs.

What is a living trust. Depending on your own financial situation they might be appropriate but they are not for everyone. California does not use the uniform probate code which simplifies the probate process so it may be a good idea for you to make a living trust to avoid california s complex probate process. To learn more about serving as a trustee see nolo s the trustee s legal companion.

A trust is an arrangement under which one person called a trustee holds legal title to property for another person called a beneficiary. California living revocable trusts some people choose to establish revocable living trusts instead of using wills. A living trust is a legal tool for financial planning that allows a person trustee to hold another person s settlor s property for the benefit of someone else beneficiary. A living trust is a form of estate planning that allows you to control your assets your money and property while you are still alive but have it distributed to people or organizations you select when you die.

A california living trust is a legal document that places some or all of your assets in the control of a trust during your lifetime. This is a complicated process but essentially the state will determine who gets the property based on their relationship to you. California living trust laws are included as part of california s probate code. Visit the san diego law office of david w.