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Living trusts in California You can choose anyone as trustee and can even be trustee yourself, but you will need a successor trustee to manage the process after you die.
How to create a living trust in California Take stock of your assets. ... Choose a trustee. ... Choose your beneficiaries. ... Draw up your Declaration of Trust. ... Consider signing your trust document in front of a notary public. ... Transfer your property to the trust.
A trust is created when property is transferred by a written agreement, testamentary writing, or Court order. Before you can do that, you need to have the necessary documentation in place. Preferably not your name and/or surname, which would make it easy for creditors or SARS to track your trust.
Ing to California Trust law: In order for a trust to exist there must be trust property. There must be a Grantor (sometimes referred to as a Settlor or Trustor). ... There must be a Trustee. ... There must be a Beneficiary. ... The Grantor and Trustee must both be legally competent.
A revocable trust can be changed at any time by the grantor during their lifetime, as long as they are competent. An irrevocable trust usually can't be changed without a court order or the approval of all the trust's beneficiaries. This makes an irrevocable trust less flexible.