What do I need to do if I am 75 and want to prepare a living Trust?
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What do I need to do if I am 75 and want to prepare a living Trust?
My wife of over 33 years and I never filed a marriage certificate, though she did a name change to my last name. We had family and property together under my name. What should we do to prepare for a Trust?
Asked on February 23, 2014 under Estate Planning, California
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
You should list all of your property and which heir or heirs will inherit each item. You will also need to name a trustee. You should also appoint a successor trustee in case the original trustee is unable to serve. You should list the trustee's duties. It would be advisable to have a provision for the procedure to remove a trustee. Each item of property (personal and real property) should be held in trust. Real property is land, real estate. Personal property is all other types of property other than land or real estate.
You and your wife should sign the living trust in the presence of a notary.
It would be advisable to have an attorney prepare the living trust and/or review it before you and your wife sign in the presence of a notary.
The advantage of a living trust over a will is that with a living trust the costs and delays of probate are avoided.
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