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Revocable Living Trusts
A revocable living trust is a legal document that is created by an individual for the purpose of managing his or her assets. Upon the death of the trust’s creator (s), these assets will be transferred to designated beneficiaries.
There are many advantages to creating a revocable living trust, including a legal method of transferring assets to beneficiaries, and the ability to manage investments during the lifetimes of the creator. In other words, a revocable living trust will benefit the creator when he or she is alive, when he or she becomes mentally incapacitated, and after his or her death.
Furthermore, when the creator of the trust passes on, the successor trustee will step in and act as the trustee of the creator’s assets. These assets will then be passed on to the designated beneficiaries, while avoiding the hassle of probate.
Advantages of a Revocable Living Trust
A revocable trust is private, flexible, and can be revised easily during your lifetime. There are several tax advantages to creating a revocable trust, including the ability to enjoy extra tax exemption benefits if you are a married couple, for example.
Wealthy individuals choose a revocable living trust in order to ensure that their assets are transferred to their heirs, based on specific stipulations. For example, the creator may require beneficiaries obtain a baccalaureate degree, or work for a certain amount of time in order to be eligible for the assets from their trust. This protects both the creator of the trust, and beneficiaries who may otherwise not be ready to responsibly manage such substantial financial assets at the time the trust was created.
The biggest benefit of a revocable living trust is that you can avoid probate.
Contact Citadel Law Corporation at (800) 662-0882 today to set up a consultation with an estate-planning attorney if you are interested in creating a revocable living trust in Southern California.
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