Legal Question in Wills and Trusts in California
I want to find the exact legal wording to provide in my revocable trust (state of California) for granting a right to reside on my real property; I do not want to grant a life estate, and I understand there is a distinction between the two.
2 Answers from Attorneys
You can grant a life estate, or leave the property in trust. The wording would depend on the terms of the trust, such as who is responsible for payment of taxes, insurance and costs of maintenance.
In light of the fact this is revocable trust,which is amendable/revocable, and assuming you are transferring the title to the residence into the trust, you are not transferring possession and can live on the property for as along as you desire, as you are the owner and retain control of the property whether in trust or not. Of course all of this subject to payment of taxes and insurance and the mortgage payment being made if any. No specific language is necessary or available since you are in complete legal and physical control at all times. A trust is nothing more than a legal bucket which is used to hold title and transfer property after death of trustor without utilization of the probate court.