My wife and I bought a primary residence home last year. We formed a community property living trust and transferred the property to the trust. I'd like to protect the equity by filing a homestead declaration, but I am not sure whether I am allowed to do so if the property is held by our living trust?
Yes, you can record a homestead declaration. I am assuming you set up a Revocable Living Trust with you and your wife as Trustees of the Trust. If so, your trust is not a separate entity. Thus, for all intents and purposes, you are the owner of your home.
Construction / Development Lawyer
If what you have is a living trust (not an irreversible trust) and you live there as your primary home, you can file your homestead declaration. Edward C. Ip www.lawyer4property.com
No attorney / client relationship established. The answr is for discussion and general information only. The lawyer had not reviewed any documents or contract prior to the above comments.
So long as your community property trust is a revocable living trust (not an irrevocable trust), you should be able to file the Homestead Declaration.
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