Certain legal requirements must be met in order for a trust to be viewed as legally valid in the state of California. This is outlined under California probate section 15200. A trust can be created by a number of different methods.
Deciding which of these methods is most appropriate to you can be accomplished by sitting down with a trusted Pasadena estate planning lawyer. These methods include:
- Transferring property by the owner during the owner’s life time to another individual as trustee.
- An owner of property declaration, stating that the owner holds the property as trustee.
- An exercise of appointment powers to another person as trustee.
- An enforceable promise to create a trust.
- A transfer of property by an owner, such as through a will that takes effect upon the death of an owner to another person as a trustee.
Several elements must be satisfied in order for a trust to be valid. These include that there must be a manifestation of intent to create a trust, that the trust must have property, that the trust is not created for an illegal purpose, that the trust created for a general or indefinite purpose is not invalid unless there is a reasonable certainty that a particular use of that trust property comes within that purpose and there must be a beneficiary.
Deciding on the trust that’s right for you can be overwhelming. Understanding all of the steps to properly fund that trust can be confusing, too.
Speak with a trusted Pasadena attorney to better understand the applicable trust laws.