Designating Separate Property
A husband wife have an existing living trust in state of California.
One spouse receives an inheritance and wants to keep the assets as separate property under the couple's existing living trust. The new account to deposit the inheritance is titled as the living trust.
How does the spouse designate these assets as separate property?
Is there any legal document required to designate the assets "separate property"? Does it require both signatures?
Is it as simple as titling the account as separate property under the existing living trust?
If the account is not "titled" as separate property, is it still considered separate property if the assets are not comingled?
thx.
Re: Designating Separate Property
If the spouse wants to keep the inheritance out of the marital estate, it wouldn't make much sense to put the assets into a jointly controlled living trust. Why not maintain the money in a separate, individual trust or account?