Legal Question in Wills and Trusts in California
Living Trust Property Ownership
Is inherited property (willed through a Living Trust)legally yours immediately after the death of the person who willed it to you? If so, is it legal to collect rent from the person who was a resident, but not legal owner, of the house at the time of the owner's death? The resident lived in the house 3 months after the owner's death rent-free and I would like to collect the 3 months rent from him. He did not pay the owner rent in the years he resided in the house.
2 Answers from Attorneys
Re: Living Trust Property Ownership
Technically, the property belongs to the trust estate until distributed to the beneficiaries. The trustee would be responsible for collecting the rent for the trust estate.
J. Caleb Donner
DONNER & DONNER
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Re: Living Trust Property Ownership
The property remains a trust asset until it is distributed to the beneficiaries. The asset should not be distributed until the trustee sends a notice of adminstration and allows 120 days to pass. In the meantime, however, the trustee is empowered to deal with the asset which includes collecting rent and evicting a tenant, if necessary. The fact that the tenant was living there rent free during the settlor's lifetime is not determative; in otherwords, you can proceed.
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