Legal Question in Real Estate Law in California

Re: Real Estate rights by person not on Title

You should use a living trust for lots of reasons too numerous to explain in this short reply.

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Re: Real Estate rights by person not on Title

There are probably three related issues here that you'll want to consider in doing your planning.

The first is the obvious one; to assure that if your friend outlives you, that he has the use of the town home for the rest of his life.

The second issue is to be sure your plan also covers the possibility that you outlive him. In other words, you need a backup heir.

Finally, you need to give some though to who gets the property after both of you have passed away. For example, let's say you die first, then your friend dies. Who should then inherit, your relatives in Nebraska or whomever your friend selects as his heirs? With a trust, you can direct that result as well.

So, I recommend a living trust, as does Mr. Roth, but make sure that you get your wishes covered on all three of the issues laid out above when you have someone draft the trust.

Avoid being talked into placing the property in joint tenancy. That is a tax trap 98% of the time. A trust is the way to go for almost everyone.

Also, don't give the work to the low bidder. Yours is not a "cookie cutter" situation and you'll need some customization of the lawyer's canned trust forms to make it fit your needs.