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.
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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.
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Estate Planning Attorney
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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