Have you ever heard the term ‘revocable living trust?’ It has become a hot topic of discussion among the tax and estate planners these days. Even though it sounds to be difficult and complex, the process of making a revocable living trust is simple. The ultimate goal of creating a living trust is that it allows you to handover ownership of your assets to the trust while still enjoying the right to possess and use your assets while you’re living.
Moreover, it makes sure that your assets aren’t passed through probate upon your death. Yes, a will governs the assets titled in your name following your death, but if it’s not titled in your name, then probate is unnecessary. So, the revocable living trusts are recommended by the trust attorney in Carlsbad CA to help their clients avoid ownership of property in their individuals’ names upon death and the lengthy process of ‘probate.’
Benefits of Creating a Revocable Living Trust
– Ease of Management – Revocable living trust makes supervising and managing assets during the period of incapacity of the grantor easier. For example, if the grantor is incapacitated, the successor will manage the assets transferred to the trust. The successor trustee can use the income from the trust assets to pay for the grantor’s medical or other expenses during this period.
– Streamlines Process After Death – After the demise of the grantor, the successor trustees will get instant access to the assets, and the process of allocating assets will be streamlined. It also reduces the involvement of the court during the trust’s ongoing administration.
– Avoids Probate – Did you know the properties and resources that are moved to the Revocable Trust will avoid probate? But, this depends purely on the probate court requirements in the grantor’s particular state. Talk to your probate attorney in Carlsbad CA, for further details.
– Improved Privacy – During the probate proceedings, the provisions of Revocable Trusts will not become a matter of public record. It helps the individuals to arrange for the disposition of their assets without placing them in public record.
The Bottom Line
The revocable living trusts are fully revocable during the grantor’s lifetime, and it becomes irrevocable only at the time of your death. This allows you to enjoy complete control over the assets during your lifetime. These trusts are simple to create, easy to administer, and acts as an alternate option to wills. Hire an estate planning law firm in Carlsbad CA, to discuss your options.
The author of this article is the leading trust attorney in Carlsbad CA, with over a decade of experience in practicing law. In this article, he lists the benefits of creating a revocable living trust. Visit https://www.rassmanlaw.com/ for more information.