California Trust Probate Code Without A Will

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Multi-State
Control #:
US-00737BG
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Word; 
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Description

The California trust probate code without a will addresses the creation and management of a Nominee Trust, which allows a trustee to hold property for the benefit of specified beneficiaries. This trust form defines key roles, including the trustee and beneficiaries, establishing clear guidelines for the management and distribution of the trust estate. Key features include the trustee's duties to hold and manage assets, specific powers related to transactions, and the rights of beneficiaries to amend or terminate the trust. The process of appointing successor trustees and the circumstances under which the trust can be terminated are also outlined. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who assist clients in estate planning. It provides a straightforward framework for managing a trust without a will, ensuring compliance with legal standards while protecting the interests of all parties involved. Users are advised to complete all sections thoroughly and file necessary documents with the appropriate county registry to maintain the trust's validity.
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FAQ

A will in California: A living trust, unlike a will, can keep your assets out of probate proceedings. A trustor names a trustee to manage the assets of the trust indefinitely. Wills name an executor to manage the assets of the probate estate only until probate closes.

If you die without a valid will, the probate court will distribute your assets in ance with California's intestate succession law. Intestate succession law attempts to distribute property roughly based on next of kin, except with respect to out-of-state real estate.

If all your property is in trust when you die (or become incompetent), then legally you don't own anything in your name. This means, if you die, no probate (formal court administration of a decedent's estate) is needed to pass your property on to your beneficiaries.

15200. Subject to other provisions of this chapter, a trust may be created by any of the following methods: (a) A declaration by the owner of property that the owner holds the property as trustee. (b) A transfer of property by the owner during the owner's lifetime to another person as trustee.

If you live in California, then you have the option to set up a Will, a Living Trust, or both as a part of your Estate Plan. These are both legal documents that allow you to leave assets and property to your loved ones.

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California Trust Probate Code Without A Will