Legal Question in Wills and Trusts in California
My mother in law died in Oct. 2010. She had a revocable living trust in which my husband is trustee. There is a house titled to the trust. I understand that upon the death of the "Settlor" that the trust automatically converts to an irrevocable trust. Now that it is a irrevocable trust are we required to transfer the assets out of the trust. My husband and I bought out the only other beneficiary to the estate. Can we leave the trust in place and just make changes to update it?
3 Answers from Attorneys
Well, the Trust in place is HER trust, not yours. It designates HER distribution wishes and guidance. If you want the property to stay in Trust, you need to establish your OWN Trust and title the property in the name of YOUR Trust.
You will need to follow the terms of the your mother-in-law's trust regarding distribution. Since you and your husband have bought out the other beneficiaries' shares, you should first transfer the property to your and your husband's name. You will need to establish your own trust and then transfer the property into your names as trustees for your trust.
your husband as trustee should retain a qualified attorney to ensure that all required administrative acts are completed in accordance with California law, including the final distribution of the real property.
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