{"id":371892,"date":"2016-03-31T21:34:32","date_gmt":"2016-04-01T02:34:32","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/state\/california-law\/revocable-living-trusts-in-california.html"},"modified":"2019-10-07T14:15:31","modified_gmt":"2019-10-07T19:15:31","slug":"revocable-living-trusts-in-california","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/state\/california-law\/revocable-living-trusts-in-california.html","title":{"rendered":"Revocable Living Trusts in California"},"content":{"rendered":"\n
\n \n
\n

Revocable Living Trusts in California<\/h1>\n
\n
\n

Created by FindLaw’s team<\/a> of legal writers and editors<\/i><\/p>\n\n | Last updated\n

\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
\n

This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
\n

The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

The probate process<\/a> is used to determine what to do with a person’s property after they pass unless there is another method already in place, which is where a trust comes into play. A trust is a common estate planning tool used to avoid having to go through probate. <\/p>\r\n

However, contrary to popular belief, avoiding probate does not avoid estate taxes, and estate taxes must be paid just as they would when someone has a will. This article offers general information about one specific type of trust used fairly often in California, the revocable living trust.<\/p>\r\n

The Purpose of a Revocable Living Trust<\/h2>\r\n

The basic purpose of a living trust<\/a> is to allow someone, often a loved one such as a surviving spouse or adult children to maintain control of their property while making sure the property is managed according to their wishes upon death or incapacity. Revocable living trusts are used by thousands of people in California to avoid having their estates go through the probate process. <\/p>\r\n

In California, estates with a market value over $150,000 may be subject to the full probate process, and a simplified process is available for estates worth less than $150,000.<\/p>\r\n

California Revocable Living Trusts Overview<\/h2>\r\n

The following table outlines the specifics of California’s trusts laws.<\/p>\r\n\r\n

Code Section<\/b><\/p>\r\n<\/td>\r\n

California Probate Code<\/a><\/p>\r\n<\/td>\r\n<\/tr>

Types of Trusts<\/b><\/p>\r\n<\/td>\r\n

Basic trust<\/a><\/b>: relationship between three roles (can be held by same person)<\/p>\r\n

    \r\n
  1. grantor- gives property to the trustee to manage for benefit of beneficiary<\/li>\r\n
  2. beneficiary- entitled to the benefit of the property<\/li>\r\n
  3. trustee- receives property from the grantor and manages it for beneficiary<\/li>\r\n<\/ol>\r\nTestamentary trust<\/b>: type of trust made in a will<\/td>\r\n<\/tr>

How the Trust Is Funded<\/b><\/p>\r\n<\/td>\r\n

 <\/p>\r\n

What Happens after Death <\/b><\/p>\r\n<\/td>\r\n