Revocable Living Trust, California attorney living trust, living trust attorney southern california

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IF YOU OWN A HOME OR HAVE MINOR CHILDREN, A LIVING TRUST IS FOR YOU.

A REVOCABLE LIVING TRUST, also known as a LIVING TRUST, is a modern substitute for a traditional Will. Like a Will, the purpose of a Living Trust is to distribute your estate at death. Wills are no longer desirable, because a traditional Will puts your estate into court at death, a process called Probate. Probate is costly (3-10% of the gross value of the estate), and time-consuming (1-2 years on average), as well as frustrating for your heirs.

A Living Trust, properly funded, will AVOID THE PROBATE process, its time consumption, and its cost. With a Living Trust, your estate will be distributed to your heirs with minimal expense , and, usually, in less than six months!

In a Living Trust, you name yourself as the Trustor (person who sets up the Trust), the Trustee (person who manages the Trust), and Beneficiary (person who gets the assets from the Trust). As Trustor, you, and only you, can make changes to the Trust, via Amendment, or cancel the Trust, by revoking it. As the Trustor, you have complete control over the terms of the Trust.

As the Trustee, you manage your estate, much as you do now. You can buy, sell, invest, bank, and give assets out of the trust, as you wish. In the Trust, we will name Successor Trustees, who will take over management of the Trust whe you are deceased, or incapacitated.

Once you are deceased, your Beneficiary will inherit the estate, under the terms of the Trust.

Other benefits of a Living Trust include:

Avoiding a conservatorship on your estate if you become incapacitated;
Controlling the assets of the estate while you are alive, and, if you wish, after your death. You can prevent wasteful heirs from depleting their inheritance, and protect the inheritance of disabled heirs.
For married couples, a Living Trust can save, potentially, hundreds of thousands of dollars in Estate Tax (inheritance tax or death tax);
Assets receive a step-up in basis at your death, thereby reducing or eliminating any capital gains for your heirs when they sell appreciated assets;
Peace of Mind, knowing your estate will go only to the heirs you with to inherit, not to any other people.

As you can see, the Revocable Living Trust has many advantages over a traditional Will. No wonder so many families are using it to their advantage!

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