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Firma RevocaciĆ³n California Fideicomiso Persona California Fideicomitente Vigor California California RevocaciĆ³n Vida Firma Persona Vigor Fideicomiso Fideicomitente California
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Interesting Questions
A Revocable Living Trust with Right of Survivorship is a legal arrangement in California where two or more individuals jointly own property and, upon the death of one owner, the surviving owner(s) automatically inherit the deceased owner's share.
In this type of trust, when one owner passes away, their share of the property is automatically transferred to the surviving owner(s) without the need for probate. The remaining owner(s) will then have full ownership and control of the property.
One of the main benefits is that it allows for easy transfer of property upon the death of an owner, without going through the time-consuming and expensive probate process. It also provides privacy as trust documents are generally not part of public record.
Any competent adult who is a legal resident of California can create this type of trust. It can be established by married couples, domestic partners, family members, or even unrelated individuals who jointly own property.
Yes, the trust creator (also known as the trustor or settlor) retains the right to modify or revoke the trust at any time as long as they are mentally competent. They can add or remove beneficiaries, change the terms, or dissolve the trust entirely.
If both owners pass away, the property will be distributed according to the instructions laid out in the trust document. This could include passing it on to specific beneficiaries or charitable organizations, or it may be sold with the proceeds distributed accordingly.
Generally, there are no immediate tax consequences since the trust is revocable. The property within the trust retains its tax basis. However, upon the death of the surviving owner, estate and inheritance taxes may apply depending on the overall value of the estate.
To create this type of trust, you should consult with a qualified estate planning attorney who can guide you through the process. They will help draft the necessary documents, including the trust agreement, and ensure all legal requirements are met.
While a Revocable Living Trust with Right of Survivorship offers certain protections, it does not provide strong asset protection against creditors. If asset protection is a concern, consulting with an attorney experienced in asset protection strategies is recommended.
If one owner wishes to sell their share, they will need to consult the trust agreement and any other applicable legal documents to determine the requirements and procedures for selling or transferring their ownership interest.
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