Santa Clarita California Living Trust Property Record

Name: Santa Clarita California Living Trust Property Record
Brand: US Legal Forms
Rating: 4.55 (346 reviews)

Category:

California Trusts - Living Trusts

State:

California

City:

Santa Clarita

Control #:

CA-E0178B

Format:

Instant download

Description

This is a Living Trust Property Inventory form. A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. This form allows the Trustee to record a Description of Property, Date Acquired by Trust, Value, Date Sold or Transferred so that all property held by the trust can be accounted for including the real, personal or intellectual property.

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FAQ

Trusts aren't recorded anywhere, so you can't go to the County Recorder's office in the courthouse to ask to see a copy of the trust. However, if real estate is involved, the trust may be recorded in the local office of the county clerk.

Once you die, your living trust becomes irrevocable, which means that your wishes are now set in stone. The person you named to be the successor trustee now steps up to take an inventory of the trust assets and eventually hand over property to the beneficiaries named in the trust.

A trust is not a public record. So, the general public or anyone who is not a beneficiary does not have a right to know about the assets in your trust.

In California, it is not always necessary to file the living trust with the county. However, all real assets, such as real estate, must have new deeds filed under the trustee's name in the name of the trust for the assets to be included in the living trust.

The trustee is required to put your interests and the trusts before the trustee's interest. As a beneficiary, you are entitled to review the trust's records including bank statements, the checking account ledger, receipts, invoices, etc.

A living trust does not protect your assets from a lawsuit. Living trusts are revocable, meaning you remain in control of the assets and you are the legal owner until your death.

Yes, you could withdraw money from your own trust if you're the trustee. Since you have an interest in the trust and its assets, you could withdraw money as you see fit or as needed. You can also move assets in or out of the trust.

And you cannot go to any other California government office and ask to see the Trust. Trusts are private documents and they typically remain private even after someone dies. The only way to obtain a copy of the Trust is to demand a copy from the Trustee (or whoever has a copy of the documents, if not the Trustee).

How Can I See The Will Of A Deceased Loved One in California? Easy, just go to the court in the California County in which your loved one lived at the time of their death and ask for a copy because every Will is required by law to be lodge with the court after death.

The grantor can set up the trust, so the money distributes directly to the beneficiaries free and clear of limitations. The trustee can transfer real estate to the beneficiary by having a new deed written up or selling the property and giving them the money, writing them a check or giving them cash.

More info

If a trust does not hold title on real estate property, all assets held in the name of the trust are kept private. The California probate process can be costly and time-consuming.Fees are statutorily set based on the size of your probate estate. Do you need help setting up a revocable living trust in California? Contact San Fernando Valley estate planning lawyer Darrell C. Harriman. When a family member has passed, the family occasionally ends up arguing over personal property. 1. The majority of people do not want the government (i.e. , the court, or attorneys) to get involved with their wishes or their property. 609 9th St. Sacramento, CA 95814. Explore Essex's apartment homes for rent throughout Santa Clarita, California, and find your perfect home with us.

Santa Clarita California Living Trust Property Record

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FAQ

Where are trusts recorded in California?

What happens to a living trust after death?

Are living trusts public record in California?

Does a revocable living trust need to be recorded in California?

Do beneficiaries have a right to see the trust in California?

Does a living trust protect assets in California?

Can a trustee withdraw money from a trust account?

How do I find out if someone has a living trust in California?

How do you find a will or trust in California?

How is money distributed from a trust?

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Santa Clarita California Living Trust Property Record

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