Ask Terry Questions Parties to a trust

Parties to a trust

By Terry Savage on May 09, 2017 | Housing / Real Estate

Can a trust be created between a unmarried couple , living together on jointly owned real estate. One man and one woman , in the state of California? Thank you

Terry Says

That depends on what kind of trust you're talking about and for what purpose.  First thing to do is consult an estate planning attorney in your state.  Search at -- the site of the estate law bar.   But here are some things to think about: You can certainly own property in joint tenancy without being married.  If you are joint tenants with "rights of survivorship" it means that the survivor of the two will automatically own all of the property if one of the tenants dies.  But if one of the tenants is sued, then half of the property might be subject to a lawsuit! Using a revocable living trust might be a better way to title the property.  You can be co-trustees.  And if one trustee is incapacitated or dies, the other can automatically act to sell, or perhaps refinance the property. Then you might also consider a land trust --which might be used to hide the real ownership of the property from public records. Since I'm not sure of your goals, or your state laws, please do consult an attorney in your state for specific advice.  



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