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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 |

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?

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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.

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.

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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