Living Trust California - No Excising Allowed

December 16, 2004
By Kathy Curtis

Every state has its own laws about when not to extract burdensome taxes from the worth of the asset upon the owner's passing. This situation can get very tricky come the passing of the asset owner. Around 8% taxation or probate can take place if the owner isn't wise. Exercising the right to form a document that protects the owner's assets upon his passing is especially sensible in the Sunshine State. It is the nature of a living trust California-style to protect against probates upon the grantor's passing.

What Good Is Pumping Iron When The Bar Has No Weights?
As a resident of the state, the living owner would be very wise to complete a living trust in California. The creator of the trust, a grantor, is usually the owner. The grantor then selects an executioner upon his passing - usually a financial institution or benefactor.

The grantor can also be the trustee, who transfers documents into the trust's behalf. If the trustee is no longer to handle his affairs, a designated back up trustee or benefactor takes over this role. Benefactors are usually the grantor's family who receive the trusted assets. If the trustee slips on the responsibility to transfer titles and such into the trust, the trust is almost worthless.

Without assets in the trust's behalf, the trust cannot protect those assets from probate upon the grantor's passing. In California, living trusts and the trusted assets are completely protected from probate.

Healthy Living
If a grantor become incapacitated, the living trust can provide for whatever care the grantor lists and pay for the care however the grantor identifies. The grantor identifies a conservator who is permitted to carry out the grantor's documented wishes.

Seniors should be careful not to fall for living trust mills that come to centers to preach about the importance of having a trust and push these documents upon the uninformed senior. Many of these mills' documents in the trust packet are not compliable with California law. Consult the state's laws before filling out the forms.

 






Privacy Notice: We will collect no personal information about you when you visit its website unless you choose to provide that information. The only information we automatically collects is the visitor's Internet domain and Internet Protocol address, the type of browser and operating system used to access the site, the file visited and the time spent in each file, and the time and date of the visit.