California Complex Will - Income Trust for Spouse
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Create a Will. The first way to leave your home to someone is to put that person in your will. ... Create a Living Trust. You don't have to modify your will to accommodate a new beneficiary. ... Modify Your Deed. Sometimes, the easiest way to leave a home to someone you care about is to modify the verbiage in your deed.
If a couple creates a revocable living trust together and one spouse passes away, the surviving spouse continues acting as the trustee during their lifetime. The surviving spouse still has the same power they had before their spouse's death to amend the trust or revoke the trust.
A joint trust gives the surviving spouse more flexibility to use all of the assets of the trust after the death of the first spouse. A joint revocable trust is also easier to fund and maintain during a couple's lifetime. All assets simply go into the same place; there's no need to decide which trust an asset goes into.
There is no law that requires the client's trust to include the spouse as a beneficiary. For the trust to control the distribution of an asset, the asset must be titled into the trust.
Prenuptial Agreement and Postnuptial Agreement A postnuptial agreement is another legal tool that couples can use to opt out of California's community property laws. A postnuptial agreement is like a prenuptial agreement, as it protects your assets in case of a divorce, but it occurs during the marriage.
Community and Separate Property Principles California is a community property state, so any property acquired during the marriage is generally subject to equal distribution between the spouses in the event of divorce. In California, trusts established before marriage are generally considered separate property.
