Legal Question in Wills and Trusts in California
living trust
We used a paralegal to do a living trust. The house was not funded into the living Trust. The mortgage company has the loan in the estate of my ex wife. The county honored the Trust and we have a grant deed showing 1/3 ownership to my three sons by the living trust. If one of my sons has unpaid medical bills and gets sued, can a lien be put on the house.
1 Answer from Attorneys
Re: living trust
Your son's own nothing since the house has not been transfered to the trust. The house is in probate or wned by you if you had a joint tenancy deed. You may not want to deed the asset to the trust anyway since you would lose the stepped up basis for tax purposes. If you go to my website at www.IWant2CreateMyLegacy.com you can download a free special report of the most common mistakes made by people in planning for death or disability. It will give you some ideas.
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