Legal Question in Wills and Trusts in California
Living trust
I am in the process of writing a living trust for my mother. I heard that when the living is complete, that i have to transfer her houses to my name. Is this true?
3 Answers from Attorneys
Re: Living trust
To the name of the trust. Caution: if there are others who may contest, your involvement in the trust may invalidate trust or prevent your receiving some or all of that is given to you.
Re: Living trust
No. That would be a tax disaster. The real estate is transfered into the name of the trust.
It is fine to write a trust for your mom, but, first, as an interested party you will be susceptable to charges of self-dealing and overreaching, unless you are the only heir.
Also, you should get educated. Go to www.YourLivingLegacy.info. You can download a 64 page book that will tell you everything you need to know. Then, you may want to download the Legacy Living Trust Package. It is a plain English Trust Package good in every state, and probably will be just fine for your mom's purposes. If it is not, you can get a refund since there is a 90 day money back guaranty.
Re: Living trust
I would respectfully suggest that you should retain an estate planning attorney to prepare your trust and make sure it is properly funded. An unfunded (or misfunded) living trust is useless.