California Living Trust Frequently Asked Questions

 What is a California Living Trust?
A living trust is a legal document that replaces what you think of as your will. The living trust makes sure your assets go to the people you choose. It also avoids probate upon death or a conservatorship proceeding if you become incapacitated. Moreover, it allows couples to eliminate or reduce taxes. In addition, setting up a trust gives you a complete picture of your assets and compels you to get your “financial house in order” to transfer the assets into the trust.
Should I have a living trust in California?
You should seriously consider a living trust if you either:
Own your own home or any other real property, or
Own over $150,000 in investments and other personal property.
Do I lose any control over my assets?
Absolutely not. You name yourself as trustee of your trust. You report to no one. You continue to control all your assets as before – to buy, sell, borrow against, give away, or do anything else you want to with your assets. In addition, you may change the trust any time.
Is a Living Trust hard to set up?
No. We can help you set it up as quickly as you want, even in a couple of day’s time if needed.
Are there any ongoing costs?
No. A living trust does not cause any ongoing costs of management or administration. There will be no additional attorney’s fees once the trust has been set up, unless later you want to amend the terms of the trust. You do not need to let us know or change any special trust list if you buy or sell trust assets in the future. In addition, please note that transferring assets to your living trust does not change your property taxes or how you file your income taxes.
Do I still need a will if I have a Living Trust?
Yes. At no additional cost, we will prepare for you, what is called a “pour-over” will. It is so called because it “pours over” into the trust any odds and ends not already in the trust by the time of death. Examples of such assets would be your automobile and checking account.
We offer a free initial consultation to answer any questions you may have about a California Living Trust. Please call Daniel R. Mortensen at 661-799-8035 to arrange your personal consultation.