Deeds and Ownership
Does a Grant deed override a Living Trust in California?
Does a Living Trust override a Grant Deed?
If the property was in trust when it was granted, then the deed would override the trust because the trustee no longer controls it. Similarly, if your will says your children get your house, but you sell it before you die, then the deed overrides the will. but if the trust was not dissolved and a will is processed when the person dies who has the right to the property . the trustee of the living trust or the administrator of the will
Asked in Estates
What happens if the beneficiary of a california living trust dies before the estate is settled?
Asked in Estates
In California can a spouse revoke a revokable living trust without the other knowing?
Asked in Mortgages, Deeds and Ownership
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.
Living Trust Revocation?
Get Started The 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.)
Asked in Law & Legal Issues, Real Estate
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 are the Statute of limitations for claiming an inheritance in California?
Do I need a living trust?
If you are already writing a living will so you don't have to worry about your estate in the future it is a good idea to write a living trust as well. For more information about living trust http://www.legalzoom.com/living-trusts/living-trusts-overview.html and scroll down to where it talks about living trust.
If a mentally unstable child is to inherit a trust at age 18 can a parent override the age when trust is paid?
Asked in Debt Responsibility
Are the assets in a living trust protected from lawsuits?
Depends on what type of living trust it is. The assets in aÊrevocable living trustÊareÊnotÊprotected from lawsuits, but the ones in an irrevocable living trust are. The only drawback with an irrevocable living trust is that the creator or owner will not be able to add or remove any assets in the trust during the entire validity period.
Asked in Life Insurance, Estates, Probate
Does a new living trust superseed an old living trust?
Asked in California
Where can I find a living trust attorney in Covina Ca area?
Asked in Estates
Does a trust override a will?
A person's will is intended to direct the distribution of their property after their death. Sometimes a person's assets change during life. If a person transferred property to a trust during his life that property would not become part of his estate unless some provision in the trust directed that the property should pass to the estate. Therefore a trust would "override a will" if the property mentioned in the will had already been transferred to a trust during the life of the testator.
Asked in Estates
What is a Last will and testament with living trust?
Asked in Life Insurance, Estates
If you have a living trust and a umbrella insurance policy can the trust be sued.?
Asked in Deeds and Ownership
Can a co trustee buy quit claim property from trust and transfer into own personal trust?
Asked in US Constitution
Living Trust Amendment?
Get Started The Living Trust Amendment is a document used to change one or more minor provisions of a living trust or joint living trust as an alternative to preparing a new living trust. The amendment can be used to make minor deletions and/or additions to the original trust. Multiple amendments should be avoided, especially if one amendment amends a prior amendment. Instead, a single amendment should be prepared which restates and revokes all prior amendments. Furthermore, if major and/or numerous changes will be made to the original trust, it is recommended that the original trust be "amended and restated" in its entirety. (See this program's Living Trust or Joint Living Trust documents and select the option to "Amend" the Trust.) If the trust is merely restated instead of revoked/replaced, the assets already transferred to the trust will remain there.