Legal Question in Wills and Trusts in California
trust succession upon death
A living trust for married couple. No language whatsover addressing passing of assets (liquid) upon first death to spouse. Does therefore 50% of trust assets (community property state) become irrevocable and administratable as specified upon first death?
1 Answer from Attorneys
Re: trust succession upon death
This is a question that can not be answered without reviewing the terms of the trust. Thought the fact that the assets you are asking about are liquid, it is not determinative. Actually, one would normally place property (because of its appreciation rate, in the irrevocable portion of a trust; this reduces later tax on the property.
Plese take a moment to review the information provided on our firm's site, www.No-pRobate.com. If you would like additional assistance, please contact me there or feel free to contact me at my office at 626-578-0708.
Scott
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