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    Carl

    (310) 963-4788
    carl@carlandarda.com
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      1716 South Catalina Avenue
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      The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

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      FAQs For Living Trusts

      Published 06/19/2023 | Posted by Arda Clark

      It’s common nowadays, though not necessary, to use living trusts to hold real property. It’s also a common misconception that the trust owns the property. Trusts are complex, and contrary to what one may think, don’t actually get any simpler when there’s only one trustee. A trust is always an agreement between a trustor and a trustee. This doesn’t change even if they’re the same person, which is definitely possible, but you still need to know the difference.

      The trustor is the person who creates and funds a trust, and sets the terms, beneficiaries, and trustees. The trustor is usually only one person, but could be a married couple. The trustor could also be a trustee, and often is when the trust is created, but may not be. Trustees, on the other hand, manage the trust and perform day-to-day tasks in accordance with the directions given in the trust. There could be any number of trustees. These are the actual owners of real property, not the trust itself. If at any point all trustees are deceased or unwilling to act, the trustor can appoint a new trustee, or the court can do so if the trustor is not able to or not allowed to by the trust’s provisions.

      Trustees are also responsible for signing the certificate of trust that would be provided to the title insurance company. This document must have the date of the trust’s creation, identity of all trustors and trustees and whoever can revoke the trust, powers of the trustees, manner in which trust assets are taken, legal description of the property or whatever part is held by the trust, signatures of trustees, and a statement that the trust certification is still valid and correct. Normally, all trustees must sign, but there could be provisions in a trust that allow for less than all of them to sign. Trustees may give someone power of attorney only if the trust specifically allows for it.

      Photo by Dimitri Karastelev on Unsplash

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