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The post How to Amend a Living Trust in California appeared first on SmartReads by SmartAsset. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 ...
A popular option is a living trust, which many people consider one of the better routes to take. A living trust is a legal setup that allows an individual or couple to specify how their assets ...
But one big benefit a living trust has over a will is that it isn't subject to probate. Probate is the process of proving a will's validity in court. And there are several potential problems with it.
For example, the trust may be depleted to such an extent that the management of the trust by a professional may be uneconomical. Changes in the law or circumstances surrounding the formation of the trust after the death of the grantor may dictate changes in the terms of the trust (or the termination of the trust itself.)
To escape valuation under Code section 2702 (i.e., retained interest valued at zero), a PRT must comply with the following two primary requirements: (i) the trust may hold only one residence which must be used as the grantor's personal residence during the term of the trust; and (ii) the trust may not allow the sale of the residence during the term of the trust.
After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust. If assets (especially higher value assets and real estate) remain outside of a trust, then a probate proceeding may be necessary to transfer the asset to the trust upon the death of the testator.
Living trusts are private, changeable, and efficient. Are they right for you?
An attorney can also help you understand the costs of setting up a living trust, which are apt to exceed those of a standard will. And depending on your circumstances, the extra expense may not be ...
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