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Can I file a Homestead Declaration even though my home is held by a community property trust with my wife?

Oakland, CA |
Filed under: Real estate

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?

Attorney Answers 3

Posted

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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Asker

Posted

Thanks. Would the Declaration be in our name or the trust? I assume ours since the trust is not a separate entity?

Samuel G Lockhart

Samuel G Lockhart

Posted

It would be in your names, as Trustees of your trust.

Posted

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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Posted

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.

** LEGAL DISCLAIMER ** My response above is not legal advice and it does not establish an attoreny-client relationship. When responding to questions posted on Avvo, I provide a general purpose response based on California law as I am licensed in California. In reviewing my response, you are specifically advised that your use of, or reliance upon any response I provide is not advisable. I do not have all relevant background details or facts related to your issue / matter, thus I am not in a position to give you legal advice. Further, your review, use of, or reliance upon my response does not establish an attorney-client relationship between us nor does it qualify as a legal consultation for any purpose. For specific advice regarding your particular circumstances, you should consult and retain local counsel. Law Offices of Eric J. Gold www.EGoldLaw.com Telephone: 818-279-2737 Email: service@egoldlaw.con

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