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In the state of California, a Living Trust will override a grant deed. You should speak to a lawyer to draw one up.
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Can a living trust's division of real estate override a lonely recorded divorce decree of half equity upon sale or transfer of title?
No.
What happens if the beneficiary of a california living trust dies before the estate is settled?
There is a disconnect here. A living trust is not related to an estate. The wording of the trust and perhaps the will associated with the individual will determine what the expectations are.
In California can a spouse revoke a revokable living trust without the other knowing?
No, it is not possible for a spouse to revoke a revocable living trust without the other spouse knowing in California. Both spouses typically have rights and responsibilities in managing community property, including property held in a revocable living trust. Any changes made to the trust would likely require the knowledge and consent of both spouses.
Living Trust Revocation?
Get StartedThe Living Trust Revocation is a document used to revoke a living trust or joint living trust. The Revocation can be used to either dismantle the entire plan of using a revocable living trust or to revoke the "old" living trust in preparation for preparing and signing a "new" living trust. However, if a new living trust will be created, and if it will have the same number of grantors as the revoked living trust, consider amending and restating the existing living trust instead of revoking it. If the living trust is merely restated and not revoked/replaced, the assets already transferred to the living trust will remain in the living trust, avoiding the need to transfer each of them. (See this program's Living Trust or Joint Living Trust documents and select the option to "Amend" the Trust.)
How do you take a co trustees name off the house title?
The co-trustee is not on title, the trust is. Think of the name of the trust as the name of a company. For example: The Tom and Martha Living Trust is the name of the entity (company) which technically owns the house. Tom and Martha as individuals are NOT vested owners in the house. They do have a Trust Agreement that shows they are the ones who control the Trust (trustees) and therefore can act as agents of that Trust (like a CEO of a company). If you need the co-trustee removed, you must dissolve or modify the trust agreement removing the co-trustee. Then they must sign with you on a Grant Deed that deeds the home from one Trust to another. In our example, Tom would dissolve or modify the Tom and Martha Living Trust into the Tom Living Trust. Then he and Martha would sign a Grant Deed which took the house from the Tom and Martha Living Trust and gave it to the Tom Living Trust. If the co-trustee is deceased, the vesting of the home need not be changed. The Trust agreement should contain language that leaves control of the trust with the surviving trustee.
What is the definition of a living trust?
A living trust is simply a trust created by a living person. It is also known as an "inter vivos trust". That's Latin meaning a trust between living persons. Conversely, a trust created by someone in a will is called a testamentary trust.
Should you use a grant deed or a quitclaim deed to transfer property into a living trust?
In certain jurisdictions, a grant deed should be used to transfer property, whether it be to a living trust or otherwise. If the property is in California, a Trust Transfer Deed is the preferable method.In many jurisdictions a quitclaim deed would be fine. It would convey all the interest owned by the grantor. You must check with a local real estate attorney to determine the correct practice in your jurisdiction. Deeds should always be drafted by a professional.
Can the grant-or take distributions from an Irrevacable Trust while grant-or is alive?
yes
What is the living trust all about?
A living trust is very similar to a living will. The living trust is created by the individual and outlines the wishes of that individual in regards to their assets.
If a mentally unstable child is to inherit a trust at age 18 can a parent override the age when trust is paid?
The person(s) who established the trust would have to amend the trust. Some trusts cannot be amended.
Where can I find a living trust attorney in Covina Ca area?
A good place to start your search is with the California State Bar Association.
What is a definition of a trust?
A living trust is simply a trust created by a living person. It is also known as an "inter vivos trust". That's Latin meaning a trust between living persons. Conversely, a trust created by someone in a will is called a testamentary trust.
