A revocable living trust offers you the assurance that your assets and your heirs will be protected if you are suddenly unable to manage your own financial affairs. After your death, a revocable living trust eliminates probate, so that your estate is passed quickly and directly to your heirs. A properly drafted revocable living trust also legally substitutes for powers of attorney. It can give you genuine peace of mind. In southern California, you can learn more about revocable living trusts or have one created for you by speaking right away with an experienced Orange County estate planning lawyer. If you have loved ones who rely on you, it’s never too early to begin the estate planning process.
Your revocable living trust can transfer your assets immediately to your beneficiaries after your death, or you can arrange to have your assets distributed according to a schedule and in the amounts that you spell out. When you create a revocable living trust, you transfer your assets into the ownership of the trust, you retain control of those assets, and you can invalidate (“revoke”) or amend the document at any time and for any reason. Understand, however, that revocable living trusts cannot reduce the amount of state or federal estate taxes.
However, even a revocable living trust can’t stop discontented family members from contesting your wishes. A revocable living trust can be challenged in the courts in the same way that a will can be challenged, so you’ll want to consider your family situation, possibly speak to family members, and possibly discuss any concerns with your attorney. You want the strongest, clearest, and most precise language possible. To get started, or to learn more about revocable living trusts and the variety of other estate planning options available to you, make the call as quickly as you can and arrange to meet with an experienced Los Angeles County estate planning lawyer.