Living Trusts Los Alamitos
Living Trusts in California
A revocable living trust is an estate planning tool used to decide who will receive your property after you die. Many living trusts are revocable, meaning that you can change them when your wishes change to create a new trust. Revocable living trusts are living because you make these legal requests while you’re alive. This is known as inter vivos trusts.
These trusts are used to help your loved ones to avoid probate court, which is a court-supervised process that finalizes someone’s estate. It can be time-consuming and expensive to go through the probate process in court. The property left through a living trust can be passed to beneficiaries without needing probate.
Revocable Versus Irrevocable Trusts
With revocable trusts, the grantor (person who started the trust) owns all assets in the trust and will still have to pay taxes. The only thing that a revocable trust protects you from probate. It is an addition to other specifications that are in your will. However, in case of an irrevocable trust, the grantor doesn’t own the assets in the trust anymore. These assets are transferred to trustees whose job is to manage them for the benefit of everyone named in your trust. The assets with this trust type are not subject to either estate or probate taxes.
About the Legal Document
The written legal document is signed by the maker of the paper and a notary. It lists all property in the trust, a trustee and a name for each property. The trustee takes over the process after you die. After this legal document is made, the name for the trust is legally-binding. That’s why it’s important that it is done correct by a professional estate planning attorney in California.
Call to Schedule a Free Consultation With a California Living Trusts Attorney Today
If you are thinking about establishing a living trust, call to schedule a free consultation with a California estate planning attorney today. We can explain the advantages of living trusts, and answer any questions that you have regarding these types of trust documents. The compassionate legal staff at the Law Office of Kerry P. O’Brien of California will use their extensive knowledge of estate planning law to help you set up a solid plan for you and your beneficiaries. We serve the cities of Los Alamitos, Long Beach, Lakewood, Huntington Beach, Seal Beach, Garden Grove, Westminster and Anaheim. Stop by our website at kerryobrienlaw.com or call us at 866-983-0747 and let us help you plan for the future of your estate.