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What is a Revocable Living Trust?
A revocable living trust is a type of trust that can be modified during the creator’s lifetime. California residents commonly use revocable living trusts to:
- Name the individuals who will inherit your property (your “beneficiaries”).
- Avoid probate (a time consuming and expensive court proceedings where a judge determines who inherits your money and property).
- Avoid conservatorship (a court process where a judge decides who controls your money and property is you lack the mental capacity to do so on your own).
- Exercise control over children’s gifts. You can create highly customized distributions strategies that incentivize beneficiaries to reach milestones (e.g., graduating college) and even provide protection from your children’s creditors and/or divorcing spouses.
- Keep your affairs private and out of the public judicial system (i.e., Probate court). Wills are public, a properly funded revocable living trust will preserve your family and loved ones’ privacy.
A revocable living trust is the center piece of a properly drafted comprehensive estate plan. For more information about living trusts, read: 14 Benefits of a Living Trust.
To speak with a qualified California estate planning lawyer, call the Law office of Jonathan Alexander, Esq. today at (949) 334-7823.
Mr. Alexander has 20 years’ experience and is ready to help you create a legacy that protects your family and loved ones. Call us today.