Yes. All your assets both separate and community are transferred into your Living Trust but they are not commingled. Separate property assets retain their separate property character while in your Trust. If there is a divorce or dissolution of marriage, all assets come out of your Living Trust in the same way they went in: Community property is divided between the parties and separate property is returned to the party who originally owned it.

Once your trust has been signed, a very important task remains to be accomplished. In order to achieve your objectives of avoidance of court-supervised conservatorship proceedings if you are incapacitated or probate at your death, assets must be transferred to the trustee of the living trust. As discussed above, this is known as "funding" the trust. A living trust can hold both separate and community property. If community property is held in a living trust, then both spouses are the grantors.

Your Living Trust can hold a variety of property, including bank accounts, life insurance, copyrights, stocks and bonds, personal items, and real estate you now hold either individually or jointly with someone else. You designate as your Beneficiaries, those you want to receive this property when you die. Your property will be listed on a Schedule, which is included with the Living Trust.

Yes, your children can remain on the title if they are age 62 or older and live in the property. Otherwise, they will need to be taken off title prior to closing. You should speak with an attorney on how best to structure a will or trust to leave your assets to your heirs.

certain kinds of recoveries for personal injuries Community property is all property other than separate property. All property owned by either spouse at the time of marriage is presumed to be community property. The party that is asserting the claim of separate property has the burden of proof on that issue.

Yes. If you have an individual trust you can transfer property without getting anyone's consent. If you have a shared trust, you should get your co-trustee's consent when transferring jointly-owned property.

Yes. In fact all real estate should be transferred into your Family Trust. Otherwise, upon your death, there will be a Probate in every state where you own real property. When it is owned by your Living Trust, there is no Probate anywhere.

YES. In fact, unless it is owned jointly with rights of survivorship (see more below) all real estate should be transferred into your Living Trust. Otherwise, upon your death, depending upon how you hold title, there will be a probate proceeding in every state in which you own real property. When your real property is owned by your Living Trust, there is no probate anywhere.

A "Living Trust" is usually a Will substitute. The Trust avoids the delay and expense of probating a Will. Your estate remains confidential, rather than being a public Probate Court record. Tax saving provisions are often included. A "Living Trust" is like having your own corporation. You put all of your assets ? family home, bank accounts, etc. ? into the Trust (the "corporation"). You name yourself as "Trustee" (the "President").

Absolutely. While you are alive and mentally competent, you have total control over your property. You can buy, sell, improve, spend, change investments, or give away property just as you would without a trust. The trust can be modified in any way you desire or it can be completely revoked. Upon your death, the trust becomes irrevocable so that no one can change your testamentary wishes.

Not necessarily. Property and accounts that you own jointly with rights of survivorship do not get transferred into your Trust. Likewise, any account or policy that lets you name a beneficiary to inherit the proceeds upon your death do not get transferred into your Trust. Property owned jointly with rights of survivorship and accounts and policies that have a named beneficiary pass to the joint owner and/or beneficiary automatically upon your death and outside of probate.

There are nine community property states - Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.These states generally regard as community property all property that has been acquired during the marriage, other than a gift or inheritance. Even if one spouse earns all the money to acquire the property, all the property acquired is considered to be community property.

Yes. In most cases a homeowner who has put his or her home in a living trust can usually take out a reverse mortgage. A review of the trust documents would be made by the reverse mortgage lender to determine if anything in the living trust would be unacceptable.