Revocable Living Trusts in California
When creating an estate plan, people must choose between wills and revocable living trusts. For many California residents, revocable living trusts are the ideal option. A living trust allows you to maintain control of your assets while you’re alive and set the distribution rules for when you pass away. These legal documents can also protect your assets if you become incapacitated, and because you retain control, you can make changes at any time. Possibly most importantly, assets inside of revocable living trusts don’t go through probate, so your beneficiaries won’t have to worry about spending the time or money on legal proceedings before receiving inherited property.
You need to ensure your trust is legally binding and properly funded. R. Dustin MacFarlane of California Probate and Trust, PC will help you with all aspects of your estate plan, including your trust.
Creating and Funding Revocable Living Trusts
California Probate and Trust, PC makes every effort to ensure that revocable living trusts are properly created and funded. Your attorney will be by your side during each step.
- Creating an itemized list of assets.
- Choosing beneficiaries and a successor trustee.
- Determining the terms of the trust.
- Meeting with financial institutions to fund the trust.
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Revocable Living Trusts And Incapacitation
Revocable living trusts allow California residents to plan for incapacitation. Your trust will name someone who will manage the trust if you become incapacitated. Without such a document, your loved ones will have to petition the court for a conservatorship if you cannot make your own decisions. This is an expensive and drawn-out process, and it takes an emotional toll on families. Your attorney will help you outline what criteria must be followed when determining if you are incapacitated. Then, if you meet the requirements, the new trustee can make decisions on your behalf without going to court. You should also speak to your estate planning lawyer about creating a Power of Attorney to provide additional protection.
Avoid Probate By Creating A Revocable Living Trust
Probate is a long, expensive process in California. It’s not unusual for probate to last for a year or longer, especially for large estates. While California law caps the amount that attorneys and personal representatives can charge during probate, most people pay thousands of dollars. Revocable living trusts give California residents a legal way to avoid probate. Assets that are inside of the trust bypass probate, allowing beneficiaries to receive them immediately. The process is private, so you also don’t have to worry about people getting detailed information about your estate. The same is not true if it passes through probate. That’s a matter of public record, so anyone can find out how much you were worth when you passed away and what your loved ones received. That can be uncomfortable for the heirs, so many people prefer to create revocable living trusts.
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Revocable vs. Irrevocable Trusts
When you create a trust, you will choose between an irrevocable or revocable living trust. With few exceptions, irrevocable trusts are set in stone, meaning you cannot amend them. However, you can make changes to revocable living trusts. Many people amend these trusts after undergoing a major life change, such as a marriage or divorce. However, you are not limited to specific reasons to change a revocable trust.
What Happens If You Forget To Include Assets In The Trust?
Many people think their trust is funded, only to realize they didn’t put any assets in it. If that happens to you, your beneficiaries will have to go through probate. You can get some protection by including a pour-over will in your estate plan. Assets not in the trust will still have to go through probate, but then, your executor can transfer them to the trust. Once inside the trust, they will be subject to the rules and guidelines set forth by the trust.