Legal Question in Real Estate Law in California
trust for property
I want to put real estate property in a trust for my 3 sons as the beneficiary. I understand a irrevocable living trust is the one I use. Can I get the forms and do this myself. What other forms do I need? I will open a bank account in the trust name also in order that any money connected with the property goes in the trust.
Do I need an attorney? How can I do this cheaply.
1 Answer from Attorneys
Re: trust for property
Whether an irrevocable trust is better than a revocable trust depends upon many factors including your objectives in placing the property in trust in the first place.
Since you have three sons there are several issues you need to handle regarding who gets what, who will be trustee(s), whether a supplemental will is desirable, and on and on.
I strongly encourage you to invest in some professional and comprehensive estate planning. This can save you and your heirs from unnecessary tax bites, squabbles over control, and numerous other problems that lurk for the unwary. Even professionals make mistakes. Get a specialist. If your affairs are relatively simple, the cost will not be great in comparison with the peace of mind and prospective tax, etc. savings.
Don't rely on hearsay from your friends....it may be accurate, but situations differ.
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