When seeking trusts on a self help basis, you should explore the requirements of a trust in your particular state. California trusts can be created in many ways, but all have to have the same basic requirements:
- A manifestation of an intent of the settlor or trustor of the trust to create the trust;
- Some Trust property has to exist in the name of the trust.
- The trust has to have at least one beneficiary or a category of beneficiaries.
COMMON QUESTIONS PEOPLE ASK US ABOUT SELF HELP TRUSTS WHEN HANDLING A CASE
How do you show a manifestation of intention to create a trust:
The language of the trust says that the creator or the settlor of the trust intends to create one with this document.
What is a trust property?
When the trustor/settlor of the trust changes the title to an asset and puts it in his hame as trustee of the trust, the trust has an asset. We call this funding the trust. The trustor or settlor can fun the trust with cash as well.
What happens when the settlor accidentally leaves the property or some of the property out of the trust?
This can happen if the settlor has put the property in, but refinanced the mortgage and took the property out of the trust. There is a court procedure after death that allows the successor trustee to put it back in. Before date of death, of course, the trustor or settlor can retransfer it back to the trust by changing the title back to the trust.
Does leaving a real property out of the trust cause title problems after death?
Yes, title companies will not allow for title insurance on an asset that is in the decedent’s own name, if the owner has passed away. They require probate requiring Letters Testamentary or Letters of Administration to issue title insurance during the sale.
What happens if you cannot find the trust after someone dies?
There is a court procedure to identify the terms of a lost trust. Alternatively, if the court denies the petition, the court will require a probate case to be opened and Letters Testamentary or Letters of Administration to issue.
To talk to our trusts paralegals about your self help trust in Los Angeles California, send us an email through this web site and we will get back to you the same day. Contact probateparalegalCa@gmail.com