San Diego California Revocable Living Trust for Unmarried Couples
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FAQ
Each person will be a grantor and a trustee of the joint trust. Each person can also decide who will be a beneficiary of their share of the community owned property, and for his or her separate property as well. However, both married and unmarried couples can create individual trusts.
Revocable, or living, trusts can be modified after they are created. Revocable trusts are easier to set up than irrevocable trusts. Irrevocable trusts cannot be modified after they are created, or at least they are very difficult to modify. Irrevocable trusts offer tax-shelter benefits that revocable trusts do not.
Children - if there is no surviving married or civil partner If there is no surviving partner, the children of a person who has died without leaving a will inherit the whole estate. This applies however much the estate is worth. If there are two or more children, the estate will be divided equally between them.
A revocable trust can be especially important for unmarried couples. It permits the person or people you name to manage your financial affairs for you as well as to avoid probate. You can name one or more people to serve as co-trustee with you so that you can work together on your finances.
Unless an unmarried couple has in place certain legal documents, upon the death of one partner, the surviving partner (because they don't qualify as a surviving spouse) has no inheritance rights or rights to represent the decedent's Estate in court.
Defining a Revocable Living Trust Assets can include real estate, valuable possessions, bank accounts and investments. As with all living trusts, you create it during your lifetime. (There are also testamentary trusts, which don't take effect until after you die.)
Drawbacks of a Living TrustPaperwork. Setting up a living trust isn't difficult or expensive, but it requires some paperwork.Record Keeping. After a revocable living trust is created, little day-to-day record keeping is required.Transfer Taxes.Difficulty Refinancing Trust Property.No Cutoff of Creditors' Claims.
There are a variety of assets that you cannot or should not place in a living trust. These include: Retirement Accounts: Accounts such as a 401(k), IRA, 403(b) and certain qualified annuities should not be transferred into your living trust. Doing so would require a withdrawal and likely trigger income tax.
"It would become part of the probate estate." One option is to make sure both of you are named as joint owners on the deed, "with rights of survivorship." In that case, generally speaking, you each equally own the house and are entitled to assume full ownership upon the death of the other.
Assets That Can And Cannot Go Into Revocable TrustsReal estate.Financial accounts.Retirement accounts.Medical savings accounts.Life insurance.Questionable assets.
