Legal Question in Wills and Trusts in California
My father had a living trust drafted up. He had signed all the documents, deed to transfer his property into trust. Then immediately he gifted me his property, so now my name is on his trust property. In the durable power of attorney he elected me as agent with full power to act on his behalf. He also named me to be his alter ego in all matters and affairs that are not mentioned in the power of attorney. He ratifies and confirms all instruments of any sort executed in any manner is binding. He gave me the power to modify and revoke trusts. QUESTION-- Does this make me the original trustor? I saw on a title company document that showed I was original trustor. Is the trust now named after me? I remember he once told me I had a lot of power but did not go into detail. Can someone make someone else in full charge of their living trust? Thank you for your expertise, respectfully, John
2 Answers from Attorneys
You, and your father if he is still alive, need to take all the paperwork and see a real estate attorney. If before your father formally transferred the property into a trust he gifted the property to you, then you are the owner of the property and the trust has no assets as he can not put into the trust property that he does not own. If, on the other had he had completed the funding of the trust then he could not give the property to you and it should be in the trust in the trust's name. Titles need to be cleaned up.
It makes no sense to gift property to you right after setting up a trust to handle it. There are huge lost tax benefits like the step up in basis for one. Run don't walk to an estate planning attorney while Dad is alive to get an understanding of what has happened and see if anything needs to be fixed while it still can.
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