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Reasons to consider a revocable trust

Regardless of income level, everyone should have an estate plan. Having a strategy in place will make the transition of assets smoother and less stressful for loved ones. A beneficial way to secure an estate in California is with a trust. A trust is basically a document that determines how assets are handled in the event of death. Arguably the most popular type of trust is a revocable trust.

Also known as a revocable living trust, what sets this type of trust apart is that it can be amended as provisions can be cancelled or changed at any time. The flexibility of a revocable trusts makes them great options for young people. If a trustmaker has minor children, revocable trusts can also account for guardianship, and things such as living situations and finances can be stipulated.

Possibly the greatest benefit to a revocable trust is the ability to avoid probate. Probate is a lengthy and expensive court proceeding that determines the distribution of assets. This is a public process that can take several months or longer. In the event of death, revocable trusts bypass the probate process and assets are directly passed on to beneficiaries without the need for a court order.

One downside to a revocable trust is that it generally requires a lot of work upfront to get assets moved into the trust. However, this will pay off in the long run. Also, the rules surrounding trusts vary from state to state and can be confusing. Families in California who have questions about revocable trusts or any aspect of estate planning may want to consider consulting a legal representative. An experienced attorney can provide legal guidance and help families create the best plan to fit their financial needs.

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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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