Should I hold the condo and my personal property in a trust if I want to leave my condo and all personal property to a friend. There is a mortgage on the condo. Can title go directly to my friend for him to decide whether to sell it or mortgage ...
Yes. A living trust would be most appropriate. Your friend can then sell the condo or refinance it to keep it, unless your current bank permits your friend to assume your mortgage.See question
American husband gives 1/2 estate to old girlfriend. Taiwanese wife does not realize. Both have resided in California for 10 years of marriage.
It is not clear from your question what you mean by "sign over." Did the husband leave property to a former girlfriend through a Will or using beneficiary designations, or did he transfer the property while he was still alive?
If he was still alive, and the property was community property, neither spouse has the legal right to transfer any part of community property without the consent of the other spouse. If that was the case, then the Taiwanese wife can sue to get the transferred property back. This would be a family law matter, and not an estate matter.
If the husband passed the property through a Will, then he can give his share of community property to anyone, including an ex-girlfriend. However, if a pension plan or other ERISA plan like a 401k, 403b, or similar plan is involved, the wife's express written consent would be required to do this. Also, most companies handling IRA accounts would require the wife to "sign off" on any beneficiary designation that was to someone other than the wife.See question
I want to set up a trust to leave everything to my adult children with my daughter as trustee. But I have one son with a substance abuse problem, and would like to leave him a monthly allowance so he can't waste his inheritance all at once. I do n...
All of that can be accomplished with a well drafted living trust. As for having another trustee for your son's share, that is also possible. Depending on the value of the trust share, a corporate trustee may be too expensive. An individually licensed fiduciary acting as trustee would likely be more cost effective.See question
My dad is about to create IRREVOCABLE trust for HEMS for my kids (with spendthrift protection). I am trustee. Besides other provisions, Dad (settlor) wants to set up: Principal (corpus) of the trust to be distributed among grandkids in equal share...
First of all, I hope your father is working with legal counsel on this.
Distribution of the trust can take place triggered by a future event, such as your death. No problem with that. Turning age 18 might trigger distribution of a custodial account, but not trust assets unless the trust says that.
You should not direct that your property be poured over into your father's irrevocable trust. That is a needless complication, especially as you indicate your father's trust terminates and is distributed on your death. You should have your own estate plan to direct the distribution of your property.
Also, if your father is considering a HEMS trust with spendthrift protection, he might want to consider making it a lifetime trust for your grandchildren., something I like to call "castle trust planning." That planning protects the inheritance for your children for their entire lives, instead of protection until your date of death, which is unpredictable.See question
We have a reason to believe that our daughters biological mother may have spent money that was left in trust to our daughters for their college education. We want to find the Will of their grandfather. I went to the court website, however it showe...
Probate Court documents are not directly accessible on the Court's website at this time. If you can travel directly to the Probate Court in Los Angeles (assuming that is where the mother died), you should be able to request to view the Probate Court file either in physical form or electronically through the Court, depending on how they store that information today.
Then, you can find the Will in the file and request that a copy be made, which may be possible right while you are there.See question
I created a joint revocable living trust with a female friend of mine who resides with me. We are not married but its a joint revocable living trust where we are both trustees. I filed deed of trust with the recorder's office and change of ownersh...
The exemption from reassessment for a transfer into a revocable living trust only applies if the trust is for the benefit of the transferor (e.g. you), and/or the transferor's spouse or registered domestic partner. If the living trust was intended to be just your living trust with your property, and your friend was just on as a co-trustee with you, then there would not have been a reassessment. This is because your friend would not be a co-owner of the property with you.
If, however, you and your friend created a trust together, and then you transferred your property into the trust, the Assessor will treat that as a 50% transfer of the property to your friend. It is likely that one-half of the property was reassessed to current market value.
You need to talk with the Assessor to see if they will permit you and your friend to reverse the original transfer and restore the property back into your sole ownership. It might be possible. It is likely, however, that you will need an attorney to assist you with this, perhaps by preparing a deed correcting the original transfer to both you and your friend as an error.See question
As successor trustee of my mother's estate I must take to the SC County Recorder, an affidavit of,"Death of trustee and consent of Successor Trustee" with a Certified Death Certificate to change the Title of the property from the settlor, my mothe...
You can find the link to download the form from the forms section of the Santa Clara County Recorder's Office website.See question
In 2008 we used the "We The People" office in Palo Alto (now closed) to create a Revocable Living Trust. Now we would like to have the trust reviewed to ensure that it is complete and up-to-date.
It's certainly time for a review of your estate plan, and possibly a complete updating. Tax laws have changed, and typical trusts drafted as recently as 2008 may now be out of date.
An Internet search for attorneys in your are that do "estate planning: or "living trusts" is a good start. You can then view their websites, check out their Yelp reviews, and check out how they are rated on this Avvo website as well. Some attorneys also offer free living trust seminars that may give you an idea about what kinds of planning issues should be addressed by a good estate plan.See question
My dad didn't specifically name his house in his Trust. However, it is very clear from the Trust declaration "The Grantor (i.e., the decedent and creator of the Trust), by execution of this instrument, hereby assigns, grants and conveys to the Tr...
In Santa Clara County where I practice, a Heggstad petition does not require the opening of a Probate, but is specifically brought the trustee of a trust under the Probate Code. Often, such a proceeding can be done ex parte, meaning without a formal hearing, if all of the beneficiaries of the trust and the intestate heirs of the deceased person all waive notice of the hearing and consent to the petition.
I believe that the apparent Heggstad requirements in Los Angeles County of opening a Probate first and then petitioning the Probate Court to confirm property into trust ownership is not supported in the law, duplicates effort, and causes more time and expense to be incurred by trustees and beneficiaries.
Also, in Santa Clara County, the recitals in the trust would be sufficient to confirm assets to the trust, especially if there is a Pour-Over Will that is part of the estate plan, and that Will directs all probate assets to the trust.
A practitioner in Santa Clara County should be able to get your desired relief more quickly and with less expense by moving the county of administration to Santa Clara County from Los Angeles County to permit the Probate Court in Santa Clara County to actually handle the Heggstad petition.See question
My sister is not showing me anything.The last thing she saaaaid to me was HA HA YOUR BURNT.....
Do you have a question to ask? If so, you are more likely to get an answer. An attorney would need to know the following: 1. Is your mother still living, or is she deceased? 2. You used the term "Trustee" to describe your sister. Did you hear that term from her, or someone else? 3) Have you seen any legal document signed by your mother? If you have seen her Will, does it refer to a trust of some kind receiving her property?See question