Revocable Living Trusts
You may employ a range of tactics in your estate plan to fulfill your objectives and guarantee that your loved ones are taken care of after your death. A revocable living trust is one such tool, which might be perfect if you want to avoid probate and protect your privacy because they don’t become public records.
Due to the extreme costs and lengthy process of probate, especially in California, it is generally better to avoid it. You may save your heirs a lot of money and time if you put up your estate plan with a revocable living trust. Contact our revocable living trust attorney at Rhodes Law, to learn more about Revocable Living Trusts.
Understanding Revocable Living Trusts
When one or more people transfer money and property, such as real estate and financial assets, to a legal entity to be administered by a trustee, a trust is formed. The trustee is in charge of managing the assets for the benefit of the beneficiaries. The trust document specifies how the property should be managed and how the assets of the trustor should be divided after his or her death. Individuals can be the trustee as well as the beneficiary of their own living trusts.
A living trust is established while the beneficiaries are still alive. Revocable and irrevocable trusts are the two types of trusts, with the primary distinction being whether they may be altered or revoked. Revocable trusts can be modified or revoked, as the term indicates. As long as the trustor can revoke or alter the trust, it will remain revocable. An irrevocable trust, on the other hand, cannot be altered or withdrawn after it has been signed. Also, if the trustor dies, a revocable living trust becomes irrevocable.
Creating A Revocable Living Trust In California
Individuals either select between wills and revocable living trusts when putting together an estate plan. Revocable living trusts are the best solution for many California citizens. A living trust allows you to keep charge of your assets while you’re alive while also determining how your assets will be distributed after your death. These legal agreements can also protect your assets if you become disabled, and you can make modifications at any time because you maintain control. Most significantly, assets held in revocable living trusts are not subject to probate, so your beneficiaries won’t have to worry about wasting time or money on legal processes before collecting their inheritance. When it comes to the advantages of revocable living trusts, there are a few key ones to consider.
Benefits Of Revocable Living Trusts
A living trust, like a will, specifies your wishes for your assets, dependents, and heirs. Only after you have died and the will has been submitted into probate does it become effective. A living trust avoids the expensive and time-consuming process of probate, allowing your trustee to carry out your wishes upon your death as well as if you become incapacitated and unable to manage your money, healthcare, or legal matters.
A revocable living trust offers several benefits to anybody, regardless of income or status:
- Probate avoidance
- Protecting young children’s and others’ interests
- Keeping your distance from estate contests
- Conservatorships avoidance
- Keeping your name private
Contact Our Revocable Living Trusts Attorney
Estate Planning is a complicated task. We can help you completely understand the different options that may be used to pass on your estate with the least amount of hassle and loss.
With the help of our Santa Rosa estate planning attorney at Rhodes Law, we can help you stable a Revocable Living Trust and prepare for the future so that every element of your estate is taken care of, preventing your heirs from having to deal with probate and other important issues.