What is a Roseville California Living Trust?
A trust is an arrangement under which one person, called a trustee, holds legal title to property for another person, called a beneficiary. You can be the trustee of your own living trust, keeping full control over all property held in trust.
A “living trust” (also called an “inter vivos” trust by lawyers who can’t give up Latin) is simply a trust you create while you’re alive, rather than one that is created at your death under the terms of your will.
Do I need a Living Trust in Roseville California?
The main advantage of making a living trust is to spare your family the expense and delay of probate court proceedings after your death. But do you really need a trust?
In Roseville California, you will spend more than 10% of your home alone in Probate. In fact, a house worth $230,000 will squander roughly $23,000 in Probate. What is Probate Anyway? Probate is a court that determines who gets what in your estate after you die.
In Roseville California, if I make a living trust, do I still need a will?
Yes, you always need a will. A will provides a backup plan for any property that doesn’t make it into your trust. For example, if you acquire new property and don’t add it to your trust before you die, that property won’t pass under the terms of the trust document. You can use a will to name someone to inherit property that you haven’t left to a particular person or entity in your trust. We typically call these “pour over wills.”
If you don’t have a will, any property that isn’t transferred by your living trust or other method (such as joint tenancy) will go to your closest relatives as determined by California state law.
How do I make a Living Trust in Roseville California?
To make a living trust in Roseville California, you:
- Create the trust document, which says who will inherit trust property and names you as trustee (the person in charge).
- Sign the document in front of a notary public.
- Transfer your property, such as your house and car, to your name as trustee of the trust.