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Interesting Questions
A living trust in California is a legal document that allows you to transfer your assets into a trust while you are alive. It helps in managing and distributing your assets to beneficiaries after your death without the need for probate.
Yes, you can create a living trust even if you have a mortgage in California. The trust does not affect your ability to own or mortgage property.
No, having a living trust in California does not impact your mortgage. You can still obtain a mortgage, refinance, or sell the property held in the trust, just like you would with any other property.
Transferring your property into a living trust in California does not affect your mortgage. You remain responsible for making mortgage payments and complying with the terms of your loan.
Yes, you can change or cancel your living trust if you have a mortgage in California. You have the flexibility to amend or revoke the trust as per your wishes.
It is not necessary to notify your mortgage lender if you create a living trust in California. The trust does not affect your mortgage, and your lender's approval is not required.
Having a living trust with a mortgage in California provides benefits such as avoiding probate, maintaining privacy, allowing for smooth asset distribution, and enabling flexibility in managing your assets during your lifetime.
While a living trust can handle most of your asset distribution in California, it is still recommended to have a will as a backup. A will can address any assets not included in the trust and act as a safety net.
Yes, you can include your mortgaged property in a living trust for estate planning in California. The trust will hold the property and ensure its smooth transfer to your beneficiaries after your death.
It is advisable to consult an attorney when creating a living trust with a mortgage in California. An attorney can guide you through the legal process, ensure compliance with state laws, and address any specific concerns or complexities.
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