THE LAW OFFICES OF ROZSA GYENE
NEWSLETTER
NEWSLETTER
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December 2019 Newsletter When a loved one dies, those left behind are often left to not only cope with the loss of a loved one, but also to administer their loved one’s estate. If the estate’s assets are not held by a trust, the assets may need to be administered through the court process called “probate”. Assets held in trust have universally escape the probate process. In California, you can make a living trust to avoid probate for virtually any asset you own - real estate, bank accounts, vehicles, and so on. You can create a trust document, naming yourself as trustee and someone to take over as trustee after your death (called a successor trustee). Then - and this is crucial - you must transfer ownership of your property to yourself as the trustee of the trust. With real estate it requires a deed conveying the real property from the owner to the trustee(s) of the trust . Once all that's done, the property will be controlled by the terms of the trust. At your death, your successor trustee will be able to transfer it to the trust beneficiaries without probate court proceedings. |
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