Living Trust California Law

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Living trust california law.

California living revocable trusts some people choose to establish revocable living trusts instead of using wills. A living trust is a legal tool for financial planning that allows a person trustee to hold another person s settlor s property for the benefit of someone else beneficiary. To learn more about serving as a trustee see nolo s the trustee s legal companion. Revocable living trusts are used by thousands of people in california to avoid having their estates go through the probate process.

California living trust laws are included as part of california s probate code. Depending on your own financial situation they might be appropriate but they are not for everyone. California probate code section 15400 says that a trust is revocable unless expressly made irrevocable. Living trusts begin at 695.

Foley for creation of living trusts estate planning legal wills power of attorney issues with probate and more. In california estates with a market value over 150 000 may be subject to the full probate process and a simplified process is available for estates worth less than 150 000. California does not use the uniform probate code which simplifies the probate process so it may be a good idea for you to make a living trust to avoid california s complex probate process. You can be the trustee of your own living trust keeping full control over all property held in trust.

This is a complicated process but essentially the state will determine who gets the property based on their relationship to you. Read more california living trust vs. However california does have two procedures that fast track the probate process for smaller estates using simplified probate processes. Unlike a testamentary trust a living trust goes into effect during the settlor s lifetime.

A trust is an arrangement under which one person called a trustee holds legal title to property for another person called a beneficiary. You continue to be able to use the assets for example you would live in and maintain a home that is placed in trust. What is a living trust. Generally if you die without a will trust or other provision for the distribution of your money and property that money and property will be distributed according to california law.