Should I set up a living trust.

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Should I set up a living trust.

I have a home I am paying on that currently has about $80,000 in equity. I am married but my husband is not on the loan. I would like to make sure my house goes to my adult children and not to my husband if I were to die. What is the best way to do this? I’m in the process of refinancing and want to know how to set up the title. Would a living trust be less costly and speedier way to handle the property after I die? I’m 51 and live in a community property state.

Asked on March 1, 2018 under Estate Planning, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

While it is great that you wish to do some estate planning I caution that you should sit down with someone who knows what they are doing to counsel you.  First, if the house is titled in both your names with a right of survivorship your husband (or you) takes title immediately upon death as the survivor.  You can not re-title the house without his consent nor can you set up a Trust and put it in just because you want to.  It does not matter than only you are on the loan.  It is a joint asset. You need to sit down with your husband and an estate planner. Good luck. 


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