The Benefits of a Revocable Living Trust
Revocable living trusts serve several important purposes. Unlike a common will, the creator of a trust—sometimes referred to as the settlor, trustor, or grantor—can set conditions for the disbursement of an inheritance. They could, for example, stipulate that a child only receive funds after they reach a certain age or dictate that some portion of assets be used exclusively for education or health care emergencies.
If the trustor's life circumstances drastically change, they could dissolve the trust, add new beneficiaries, or recover deposited assets.
Revocable living trusts have other advantages, too. For instance:
However, the single biggest benefit of a revocable living trust is that it provides an escape from the expensive, complex, and emotionally devastating probate process.
Creating a Living Trust in California
You could establish a living trust in California by:
While forming a revocable living trust is not necessarily difficult, trusts are subject to many state and federal laws. You should always seek a California estate planning attorney’s guidance before finalizing your estate plan. Any minor mistake could jeopardize your life’s work and the legacy you intend to create.
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