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California Attorney for Revocable Living Trusts

Orange County living trust lawyer

Estate Planning Lawyer Helps Clients Establish Trusts Throughout California

When creating your estate plan, you have a variety of options for determining what will happen to your assets after your death. Some people are satisfied with a simple will, but wills have significant limitations when it comes to protecting your assets and controlling the details of their distribution. One way to improve your estate planning strategy is to supplement your will with a revocable living trust.

At the Law Office of David Schechet, we are committed to helping you create an estate plan that meets your needs during your lifetime and provides for your family after your passing. David Schechet graduated with highest honors from UCLA Law School and has 35 years of legal experience, enabling him to best answer your questions and give legal advice. If you are interested in creating a revocable living trust, we can help you figure out the details and take the necessary steps to put it in place.

What Are the Benefits of a Revocable Living Trust?

Like all trusts, a revocable living trust sets aside some of your assets and defines how they can be used now and in the future. However, unlike other types of trusts, you are still able to access and use the assets held in a revocable living trust throughout the rest of your life. You also have the ability to update the terms of the trust, or revoke the trust entirely, at any time. This flexibility is one of the most notable benefits of a living trust when compared to other estate planning strategies, especially irrevocable trusts that limit your control of and access to the assets.

Another important benefit of a revocable living trust is that the assets it holds are exempt from the California probate process. This means that you do not have to rely on your estate executor or administrator to ensure that the assets are distributed according to your wishes. Instead, you can establish detailed provisions for their distribution that will take effect upon your death. Trust distributions are also much more private than distributions during the probate process, which are a matter of public record.

Considerations When Creating a Revocable Trust

There are many important questions for you to consider as you decide on the terms of your living trust. Some of the most important details include:

  • Who will serve as trustee? It is common for the person who creates a revocable living trust (the grantor) to also serve as the trustee during their lifetime. If you choose to be your own trustee, you will be responsible for the management of the assets for as long as you are able. However, you can also name someone else as the trustee if you feel they are better equipped to manage the assets. In any case, it is important to name a successor trustee who will take control of the management and distribution of the assets after your death, or if you become incapacitated during your lifetime.
  • Who are your intended beneficiaries? You can name anyone of your choosing as a beneficiary of the revocable living trust. Common beneficiaries include the grantor's spouse, children, grandchildren, and other dependents or relatives, as well as charitable organizations.
  • What assets will you include in the trust? Depending on your needs and wishes, you can transfer assets from your bank accounts and investment portfolios, and even your home and other real estate properties, into the control of the trust.
  • How will the assets be distributed? You can also decide how the assets will be transferred to your beneficiaries after your death. You may wish to provide for an immediate transfer of certain kinds of assets, or for distributions in installments over time. You could also decide that distributions will begin after a certain point, such as when the assets mature or when your beneficiaries come of age.

Contact a California Revocable Living Trust Lawyer

If you need advice and assistance in creating a living trust, we can provide the services you are looking for. We will work to ensure that your trust is valid and enforceable, and that it includes the correct provisions to achieve your goals. Contact us today at 800-282-4731 to schedule a free initial consultation. We serve clients throughout the entire state of California from the comfort of your home.

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