This form is a sample letter in Word format covering the subject matter of the title of the form.
State Bar Of California Trusts And Estates Section In Montgomery
Category:
State:
Multi-State
County:
Montgomery
Control #:
US-0001LTR
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
To find out who owns the assets in a revocable trust, look to whoever is the trustee. If the trustee is also the grantor, then the grantor still owns and controls the assets. If the grantor assigned another person or entity as the trustee, the trust owns the assets, which are managed by the trustee.
How Long Does It Take to Settle a Revocable Trust After Someone Dies in California? Though it varies from case to case, depending on the make-up of the trust assets, how all of the assets were vested and the type of revocable trust, it's typical for a trust administration to take about a year or little longer.
A living trust does not protect your assets from a lawsuit. Living trusts are revocable, meaning you remain in control of the assets and you are the legal owner until your death. Because you legally still own these assets, someone who wins a verdict against you can likely gain access to these assets.
Also look for papers that name an attorney, and call the attorney to see if he or she has any record of a trust. You can also visit the County Clerk-Recorder's Office or contact the County Assessor's Office to see the title on real estate owned by the person to see if it is held in the name of a trust.
If the original trustee can't manage the trust anymore because of death or incapacity, the successor trustee steps in to take over the management duties. Choosing the right successor trustee is key because this person will ensure that everything you've planned for your trust actually happens.
The trustee is the person (or people) who holds legal title to the property that is in the trust. The trustee's job is to manage the property in the trust for the benefit of the beneficiaries in the way the settlor has asked.
One disadvantage of placing your house in a trust is the loss of direct ownership. Transferring your property to a revocable living trust makes the trust the legal owner. While you retain control as the trustee, this change in ownership may affect your ability to mortgage or refinance the property.
The Contact Center is closed on State Bar holidays. To speak with a representative, please call 800-843-9053 if you are in California. If you are calling from out-of-state, please call 415-538-2000.
Office address and telephone, or, if none, other address or telephone for State Bar purposes. If you do not have an office address at this time, please enter an address that you agree will be public. P.O. Box addresses are acceptable.
Transfer assets and property to the Trust. Take an inventory of your assets. Select your trustee. Designate your beneficiaries. Write up your Declaration of Trust. Sign your Trust in front of a Notary Public (optional) ... Transfer assets and property to the Trust.
