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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.
A real estate license must be obtained from the DRE in order to engage in the real estate business and to act in the capacity of a real estate broker or salesperson within the State of California. Before applying for a license, all education and experience requirements mandated by the Department must be fulfilled. [ 5 ]
As one source puts it, "[i]n a pejorative sense, commingling is the special vice of fiduciaries (trustee, agents, lawyers, etc.) in failing to keep a beneficiary's money separate from the fiduciary's own money". [1] Commingling is particularly an issue in case of bankruptcy of the fiduciary. Funds held in care are not the fiduciary's property ...
Building contingencies into the contract: Most real estate contracts have contingencies that give sellers cause to back out. For instance, the seller may say they will only sell their property if ...
The post Living Trust vs. Will in California: Differences and How to Choose appeared. Today’s choices shape the future for children, great-grandchildren and future descendants. For Californians ...
In many cases, a trustee, particularly an individual, who may not have certain expertise in various areas (i.e., investing, real estate management, ongoing business management, etc.) may wish to use an agent who is an expert and delegate authority to that expert as to certain incidentals of trust administration.
A buyer’s agent represents a homebuyer in a real estate transaction, while a seller’s or listing agent is responsible for the seller’s side, including pricing and marketing the home. Many ...
A trust recognized under the tax laws of the United States which qualifies for the marital gift exclusion from the estate tax. Resulting trust: A resulting trust is a form of implied trust which occurs where (1) a trust fails, wholly or in part, as a result of which the settlor becomes entitled to the assets; or (2) a voluntary payment is made ...