Revocable Living Trusts 101
Revocable Living Trusts are a popular tool in estate planning. One of the main reasons for this is the substantial tax savings that can be gained. You don’t have to be “rich” to benefit from a Revocable Living Trust. Property owners in California are great candidates for this type of estate planning tool.
The client establishing the trust is called a Trustor. The term “Living” means that the trust takes effect while the trustor is still alive. Living Trusts are also customarily Revocable, meaning they can be revised, changed, or even canceled during the lifetime of the Trustor. However, once the Trustor dies, the trust becomes irrevocable. This means that you retain full control of your assets during your lifetime and you are able to make changes to your estate plan as you experience changes in your life.
Living Trusts are commonly used to avoid the long and formal court procedure commonly referred to as “Probate.” In most circumstances, if you have a living trust, probating the Estate is not necessary.
Married couples are able to create a living trust to handle both their individual and joint estates. For married couples living trusts can also provide a benefit of reducing and/or minimizing estate “death” taxes.
The Law Offices of Amanda Hill are available to consult with you regarding whether or not this would be an appropriate testamentary instrument for you and to better explain this process.
To speak with an attorney to learn more about how estate planning can benefit you and your family contact us at (310) 860-7445. Please visit our Estate Planning main page at www.amandahill.com/estate-planning.html.
