Free preview Living Trust Property Record
Free preview
Living Trust Property Record
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With an irrevocable trust, the assets that fund the trust become the property of the trust, and the terms of the trust direct that the trustor no longer controls the assets.Because the assets within the trust are no longer the property of the trustor, a creditor cannot come after them to satisfy debts of the trustor.
Trusts may be revocable or irrevocable. Each trust is different, and the creator of each trust generally determines whether the trust is revocable.Therefore, if a judgment debtor is also the creator of a revocable trust, the judgment creditor can generally garnish the money or property held by that trust.
If you can't find original living trust documents, you can contact the California Bar Association for assistance. Trusts aren't recorded anywhere, so you can't go to the County Recorder's office in the courthouse to ask to see a copy of the trust.
Trusts aren't public record, so they're not usually recorded anywhere. Instead, the trust attorney determines who is entitled to receive a copy of the document, even if state law doesn't require it.
With a revocable trust, your assets will not be protected from creditors looking to sue. That's because you maintain ownership of the trust while you're alive. Therefore if you lose a lawsuit and a judgment is awarded to the creditor, the trust may have to be closed and the money handed over.
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.
Its primary purpose is to avoid probate court, since revocable living trusts do not reduce estate taxes. With a revocable trust, your assets will not be protected from creditors looking to sue.With this kind of trust, assets are more protected from creditors.
If you can't find original living trust documents, you can contact the California Bar Association for assistance. Trusts aren't recorded anywhere, so you can't go to the County Recorder's office in the courthouse to ask to see a copy of the trust.
Legally your Trust now owns all of your assets, but you manage all of the assets as the Trustee. This is the essential step that allows you to avoid Probate Court because there is nothing for the courts to control when you die or become incapacitated.