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[stra8up3]

the name of my state is California

I would first like to say that I am not as smart as I should be, that I make mistakes, and I know nothing about the legalities of being a home owner/trusts/wills etc. I hope you can please try to be understanding and take that in consideration in your efforts with reading and responses to my astute questions. I have alot of questions to ask so I will try to not make any mistakes as I go about it through this forum.
I have recently inherited from my parents the house I have been living in for the last 15 years. Now that it is in my name, I would like to set up a similar situation as my parents had, that after my death, my one year old granddaughter will inherit the house at the age of 21without any cost to her. I my finances have limited me to having to do this on my own. The information I have been told at this point, is that I should transfer title into a trust and in doing so I would also be protected from losing the house to debt collectors or law suits. Is this true?
I am going go ahead and post this before I go any further or ask another question, In asking another question do I start another thread?

Thank you for your time, patience and understanding

 

[seniorjudge]

the name of my state is California

I would first like to say that I am not as smart as I should be, that I make mistakes, and I know nothing about the legalities of being a home owner/trusts/wills etc. I hope you can please try to be understanding and take that in consideration in your efforts with reading and responses to my astute questions. I have alot of questions to ask so I will try to not make any mistakes as I go about it through this forum.
I have recently inherited from my parents the house I have been living in for the last 15 years. Now that it is in my name, I would like to set up a similar situation as my parents had, that after my death, my one year old granddaughter will inherit the house at the age of 21without any cost to her. I my finances have limited me to having to do this on my own. The information I have been told at this point, is that I should transfer title into a trust and in doing so I would also be protected from losing the house to debt collectors or law suits. Is this true?
I am going go ahead and post this before I go any further or ask another question, In asking another question do I start another thread?


Q: The information I have been told at this point, is that I should transfer title into a trust and in doing so I would also be protected from losing the house to debt collectors or law suits. Is this true?

A: That is true in some states. (I do not know about yours.) Irrevocable trusts were designed for this. They are definitely not DIY and not for the faint-hearted lawyer.

The everyday "living trusts" do not protect you from creditors or law suits.

If you are interested in protecting this asset and your offspring, you will find the money to go to a good lawyer. You are talking about decisions you make that could literally affect you and your family for decades.


Q: In asking another question do I start another thread?

A: Keep all your questions in this thread.

 

[stra8up3]

that was fast!

Thank you for your response. I live in California.

"They are definitely not DIY and not for the faint-hearted lawyer"

What is "DIY" mean?

"The everyday "living trusts" do not protect you from creditors or law suits".

Is there a type of "trust" or something else that would?

"If you are interested in protecting this asset and your offspring, you will find the money to go to a good lawyer. You are talking about decisions you make that could literally affect you and your family for decades."

What kind of lawyer that specializes in that be?

thanks once again for you time, effort, and information

 

[seniorjudge]

Q: What is "DIY" mean?

A: Do it yourself.


Q: Is there a type of "trust" or something else that would?

A: Irrevocable trusts were designed for this. They are definitely not DIY and not for the faint-hearted lawyer.


Q: What kind of lawyer that specializes in that be?

A: Estate planning lawyers. California has more lawyers per square inch than any state in the union. That means there are good ones who are reasonably priced. Ask your friends and neighbors for recommendations.

 

[stra8up3]

Thank you much

 

[stra8up3]

one more question

I am not sure if i should start another thread. I was wondering does a living revocable trust exsist? Or can a living trust be revocable?

 

[seniorjudge]

Q: In asking another question do I start another thread?

A: Keep all your questions in this thread.


Yes, revocable living trusts are very useful in some situations and they are revocable.

 

[stra8up3]

trust forms

I have found 6 different forms which I printed a copy of each. They are titled as followed;

1. Revocable One-Party Living Trust
2. Assignment Of Property To Trust
3. Amendment To Trust
4. Certificate Of Trustees' Powers
5. Affidavit Of Succession
6. Schedule Of Assets

Which one should I fill out? All? And then after doing so will they need to be notarized and registered/filed some where?

thank you, I very much appreciate your help

 

[seniorjudge]

I have found 6 different forms which I printed a copy of each. They are titled as followed;

1. Revocable One-Party Living Trust
2. Assignment Of Property To Trust
3. Amendment To Trust
4. Certificate Of Trustees' Powers
5. Affidavit Of Succession
6. Schedule Of Assets

Which one should I fill out? All? And then after doing so will they need to be notarized and registered/filed some where?

thank you, I very much appreciate your help

Like I said before, if this is important to you, then you will hire a good estate planning attorney.

If it is not important to you, then fill out whatever forms you want and pray that you didn't screw something up because if you did, then it could take years and thousands of dollars to correct it.

 

[stra8up3]

Will Do

I have been working on consulting a lawyer. Through the web and one I met once before through a friend. He specializes in family law. I have started to read a book titled "The Living Trust" by Henry W. Abts III.
I figure that I would try and do as much as I can then I will go to a lawyer to correct and/or finish the process. you advise has been well taken.

Thanks once again