What happens to a revocable living trust when one spouse dies?
In a California divorce, assets held in a living trust are subject to the states community property laws and may be divided equally between spouses if acquired during the marriage. This means the trust does not shield marital assets from division, contrary to what some might believe.
What not to do when a spouse dies?
A living trust has some downsides. It costs more upfront to set up than a will. You must actively transfer assets into it, which takes time and effort. Unlike a will, it doesnt provide court oversight, which could be a problem if disputes arise.
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Henry J. Read and Michael O. Read, as trustees of a
Mar 9, 1999 In his validly executed and duly probated testament Settlor created the. Trust, designating his wife and their four children as beneficiaries,
by H Branscomb Jr 1966 Cited by 17 If a husband funds a trust with community property, retaining powers such as a power of revocation, is this power held for the benefit of himself or the marital
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