You may choose to establish one of a variety of type of trusts to help protect your assets and ensure control and clarity over how they transfer to your beneficiaries. A revocable living trust can be used to hold real estate property in California, but it can also be used to hold other assets.Â
The first step of funding your revocable trust in California is to ensure that the trust document created allows for the holding of real estate. This usually requires working with a Pasadena estate planning lawyer. If you buy real estate after the trust has been created, the title can then be taken in the name of the trust. This means you’d need to work in advance to establish the living trust.
A Pasadena estate planning attorney can help you determine the most appropriate trust for your goals and can advise you as to the process as well. You can transfer the ownership of the real estate property to the trust by preparing a new deed with the trust named as the grantee, also known as the new owner. After that deed has been signed and notarized, it is recorded in the county recorder’s office, formally allowing the trust to become the owner of the property.
You’ll want to discuss possible complications with an estate planning attorney in Pasadena, such as whether or not a transfer into a living trust could trigger a reassessment under California Proposition 13.Â
Any time you transfer property into a trust, or when you make the decision about how to title property, you are setting up a series of future events. Make sure you revisit your plan at least once a year to make sure your plan aligns with your goals and desires. Your needs may shift over time and your estate plan should evolve with you: let our Pasadena lawyer help you with a discussion about estate planning.
