Living Trusts in California. There is an increasing number of people in California who apply for living trusts in order to protect their properties from the long-drawn probate process and to pay lesser tax.
Creating a living trust is a worthwhile endeavor to a person who has a significant amount of money and property. Properties will be transferred by their owner (who is the grantor) in the trust to be managed by a trustee and distributed to its beneficiaries. While the owner is alive, he/she can be the grantor, trustee, and beneficiary of that trust. When the grantor dies or becomes disabled, a named successor trustee will implement what is stated in the trust.
For married couples, they automatically become co-trustees of the properties that they have accumulated together. However, for properties that they had when they were still single, a conservatorship has to be created in order for the living spouse to gain access to the property. Putting all the properties in one living trust eliminates the problem.
In case of properties that were not included in the trust, a pour-over-will can be created as a stopgap to the potential legal loopholes that can occur.
A living trust in California only covers properties within the state. If a person has other properties in other states, he/she has to create another living trust applicable in that state.
Living trusts in California are governed by the Californian Probate Law. A lawyer who is allowed to practice law in California can draft the living trust document.
Directions to Daniel R. Mortensen
MORTENSEN LAW OFFICE
Tax, Trust & Probate Attorneys, P. C.
22807 Lyons Avenue
Newhall, California 91321
(661) 799-8838 fax
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