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 Santa Clara
Category:
State:
Multi-State
County:
Santa Clara
Control #:
US-0001LTR
Format:
Word;
Rich Text
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FAQ
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.
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.
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.
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.
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.
California is one of the few states that allows aspiring lawyers to take the bar exam without going to law school. They can do this by instead completing a four-year law office study program to become a legal professional. However, this path is not an easy alternative to skipping law school that many may think it is.
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.
Trusts are not filed or registered with the Court. You may wish to contact the County Recorder or the attorney who prepared the trust to obtain copies.
Trusts are not filed or registered with the Court. You may wish to contact the County Recorder or the attorney who prepared the trust to obtain copies.
The answer is that the living trust documents are not filed anywhere. Let's explore this concept a bit more. It seems a bit odd that such important documents would not be filed anywhere like the court, or another county agency but in fact common probate avoidance living trusts are not typically filed anywhere.
