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The benefits of a revocable trust

Contrary to popular belief, estate-planning is not something just for rich families. Those in California with assets should develop an estate plan to have control of what happens to these assets in the event of death. One way to do this is to establish a living trust, also known as a revocable trust. These trusts are amendable and effective estate-planning tools with many benefits.

One primary advantage in establishing a revocable trust is the avoidance of probate. Without a trust, assets will go through probate to determine proper distribution. Probate is usually a lengthy and very expensive process. If a trust is established, assets will pass to heirs much sooner while likely saving thousands of dollars in fees. The death of a loved one is always a difficult experience, and revocable trusts can also give loved ones immediate access to cash during this difficult time.

Although most people associate revocable trusts with death, these trusts also have advantages for grantors who are alive. By naming a successor trustee, grantors can designate someone to take control and manage the trust in the event that the grantor becomes incapacitated. This would enable the successor trustee to take control of trust assets without court interference.

Conveniently, revocable trusts can be changed at any time. Although trusts are commonly associated with only wealthy families, a trust is just a way to secure assets and legally pass assets from one party to another. California residents who have questions regarding trusts should consult an experienced legal representative. A knowledgeable attorney could provide guidance while ensuring that families are legally protected.

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The Law Office of Araceli Tovar, APC

251 Madrona St.
Chula Vista, CA 91910

Phone: 619-869-4200
Fax: 619-869-4202
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