Family Trust

[4354trust]

What is the name of your state (only U.S. law)?

I live in California and while married I inherited real property from my parents through their family trust. I created a new family trust in both my name and my wife’s name. This new trust included the real property I inherited.

Did I turn the property I inherited into community property to be divided during a divorce or would I still retain it as my own since it was an inheritance?

 

[HomeGuru]

What is the name of your state (only U.S. law)?

I live in California and while married I inherited real property from my parents through their family trust. I created a new family trust in both my name and my wife’s name. This new trust included the real property I inherited.

Did I turn the property I inherited into community property to be divided during a divorce or would I still retain it as my own since it was an inheritance?

**A: the real property should be in the name of the trust so the answer is no, if that is what actually happened. Raed your trust docs to be sure.

 

[mistoffolees]

What is the name of your state (only U.S. law)?

I live in California and while married I inherited real property from my parents through their family trust. I created a new family trust in both my name and my wife’s name. This new trust included the real property I inherited.

Did I turn the property I inherited into community property to be divided during a divorce or would I still retain it as my own since it was an inheritance?

As soon as you put your wife's name on it, it became community property.

 

[mistoffolees]

**A: the real property should be in the name of the trust so the answer is no, if that is what actually happened. Raed your trust docs to be sure.

Sorry, but that's wrong. If his wife's name is on the trust, the trust is community property.

Now, the terms of the trust may control how easy it is for her to get her share (revocable vs. irrevocable, etc), but it won't change the fact that she's half owner (unless the trust specifically specifies a different ratio).