The Trust Property
In case there is more than one grantor of the living trust, each grantor should list his respective property in an a separate schedule. A couple might have shared-ownership property. If so, for the shared property there should be a separate schedule as well. Spouses, who don’t have any property, do not need to attach a separate schedule to the living trust document.
Listing an item of property on the attached schedule does not always automatically transfer the respective item to the living trust. Property with a document of title must be separately transferred to the living trust. That could be a deed to a house for example. Such property can be transferred by changing the respective title towards the trustee. Usually an explanatory phrase is mentioned in addition to the trustee’s name: “as trustee for the [name of the Trust]”. Ordinary goods without document of title can simply be put in the trust by including them in the living trust schedule. Taking property out of the trust requires a similar procedure. For further reference see the respective chapter below.
My practice as a trust lawyer of Walnut Creek has often taught me, that things are constantly changing in life. People acquire new property during their lifespan or tie new relationships. All that might require a different setup of the trust assets.
Accordingly our law firm usually drafts the declaration of trust with a supplementary clause, that allows the grantor to add property to the trust at any time. In addition a clarifying clause frequently stipulates that the trust property shall be used for the benefit of the trust beneficiaries and shall be administered and distributed by the trustee in accordance with the declaration of trust.