By now readers of this Torrance-based estate planning and probate legal blog know that it is a good idea to have some estate plan in place. This is because death will eventually happen to everyone, regardless of their age and health. When it does, those who have their estate plans in place will have a say in just how their wealth and assets are distributed among their loved ones.
Most California residents believe that their estate planning is finished once they execute a will. While a will is an excellent tool to provide information and guidance on how a decedent wishes to pass on their wealth and assets to their beneficiaries, there are options for individuals who wish to take more control of their estates. One tool that is well-suited to individuals who want to avoid probate is the revocable living trust.
A living trust is given the designation of "living" because it is created while the trust creator is alive. Living trusts begin before death, they may be used during the creator's lifetime to manage their assets and establish inheritance plans for how the trust assets will be distributed at the time of the creator's death.