Living Trust California Law

A trust is an arrangement under which one person called a trustee holds legal title to property for another person called a beneficiary.

Living trust california law.

California probate code section 15400 says that a trust is revocable unless expressly made irrevocable. Living trusts begin at 695. A california living trust is a legal document that places some or all of your assets in the control of a trust during your lifetime. 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.

To learn more about serving as a trustee see nolo s the trustee s legal companion. You continue to be able to use the assets for example you would live in and maintain a home that is placed in trust. A living trust is a form of estate planning that allows you to control your assets your money and property while you are still alive but have it distributed to people or organizations you select when you die. 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.

Read more california living trust vs. Depending on your own financial situation they might be appropriate but they are not for everyone. 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.

Unlike a testamentary trust a living trust goes into effect during the settlor s lifetime. However california does have two procedures that fast track the probate process for smaller estates using simplified probate processes. Revocable living trusts are used by thousands of people in california to avoid having their estates go through the probate process. 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.

California living trust laws are included as part of california s probate code. Visit the san diego law office of david w. What is a living trust. Where wills simply define how your assets will be transferred after you die trusts can hold assets during your lifetime.