What happens to a joint trust after divorce?
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What happens to a joint trust after divorce?
This includes property you owned in your name before you were married and gifts and inheritances. In California, community property is evenly divided between spouses in a divorce. In this case, the trust will need to be dissolved and its assets evenly divided between you and your spouse.
Why is a trust better than a will?
Unlike a will, a living trust passes property outside of probate court. There are no court or attorney fees after the trust is established. Your property can be passed immediately and directly to your named beneficiaries. Trusts tend to be more expensive than wills to create and maintain.
Can a trust be changed after one person dies?
So, in order to make changes to the trust itself, a formal amendment must be prepared and signed by both the Trustor(s) as well as the Trustee(s). But, when a person passes away, their revocable living trust then becomes irrevocable at their death. By definition, this irrevocable trust cannot be changed.
