Legal Question in Wills and Trusts in California
Putting out of state property into an existing trust
We have an existing revocable living trust and we live in
CA. We bought a little house out of state. How do we
include this house in our existing trust? The trust says
additional property may be added to the trust estate at
any time by ''inter vivos'' or ''testamentary transfer.''
What does this mean? Our trust also says it may be,
but need not be, evidenced by amendment to the
agreement by schedule, deed, etc etc. I think we have
to deliberately put all new real estate property in our
trust. We do NOT want to go to the trust attorney again
because of an issue that was not appropriate. Thanks
for any help!
3 Answers from Attorneys
Re: Putting out of state property into an existing trust
your assets that are subject to probate must all be held in the name of the trust, otherwise you may not avoid probate at death. in the case of real property, a deed, preliminary change of ownership report (california) and in some cases a transfer tax affidavit must be duly executed and filed with the county recorder. the procedure in other states may vary.
Re: Putting out of state property into an existing trust
You should consult an attorney if the language is unclear. Generally, all that is needed is for the trustors to draft an amended schedule. Remember to have the signatures notarized. Call me directly at 16192223504.
Re: Putting out of state property into an existing trust
"inter vivos" simply means a transfer done during one's lifetime, while "testamentary transfer" means a transfer after one's death. You should DEFINITELY have an attorney assist you with the property amendment herein so everything is done according to legal guidelines (i.e notarized signatures, etc..), especially since something as important as real estate is at issue. For prompt, affordable legal assistance in this matter, contact us directly for a free phone consultation.
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