What is a Lincoln California Living Trust?
A trust is an arrangement under which one person, called a trustee, holds legal title to property for another person, called a beneficiary. You can be the trustee of your own living trust, keeping full control over all property held in trust.
A “living trust” (also called an “inter vivos” trust by lawyers who can’t give up Latin) is simply a trust you create while you’re alive, rather than one that is created at your death under the terms of your will.
Do I need a Living Trust in Lincoln California?
The main advantage of making a living trust is to spare your family the expense and delay of probate court proceedings after your death. But do you really need a trust?
In Lincoln California, you will spend more than 10% of your home alone in Probate. In fact, a house worth $230,000 will squander roughly $23,000 in Probate. What is Probate Anyway? Probate is a court that determines who gets what in your estate after you die.
In Lincoln California, if I make a living trust, do I still need a will?
Yes, you always need a will. A will provides a backup plan for any property that doesn’t make it into your trust. For example, if you acquire new property and don’t add it to your trust before you die, that property won’t pass under the terms of the trust document. You can use a will to name someone to inherit property that you haven’t left to a particular person or entity in your trust. We typically call these “pour over wills.”
If you don’t have a will, any property that isn’t transferred by your living trust or other method (such as joint tenancy) will go to your closest relatives as determined by California state law.
How do I make a Living Trust in Lincoln California?
To make a living trust in Lincoln California, you:
- Create the trust document, which says who will inherit trust property and names you as trustee (the person in charge).
- Sign the document in front of a notary public.
- Transfer your property, such as your house and car, to your name as trustee of the trust.
TommyLaw’s Lincoln California Living Trust can create your California living trust document for you. Our simple interview asks some questions about you and your property, and based on your responses, our trust document is customized for you and your situation, complying with the laws of your state. After the interview, we’ll print out the trust and notarize it right then. We’ll even prepare the grant deeds which will fund the trust by renaming the assets to be in the name of your trust. And we’ll also notarize those documents. We can also complete the preliminary change of ownership and record the grant deed at the Placer County Recorder’s Office on 2954 Richardson Drive in Auburn, California. We take care of the entire process for you. Call us today at 916-300-9000916-300-9000 or visit http://www.TommyLaw.net.