Revocable Living Trusts
Our attorneys for Revocable Living Trusts Beverly Hills, CA clients rely on at Inter Vivos, PLLC are well-versed in the responsibility of ensuring that clients’ assets are protected. Wills are popular and conventional papers that specify how an individual’s estate assets should be handled and distributed. Revocable living trusts have become widely recognized and put in place for individuals’ use to prevent the expensive and time-consuming probate process, as well as to more efficiently transfer a client’s assets to his or her beneficiaries. The usage of a trust differs in that assets are transferred from the individual owner to the trust during the owner’s lifetime.
A Revocable Living Trust’s Objective
The primary goal of establishing a living trust is to designate someone, usually a loved one such as a surviving spousal partner or adult children, to keep control of their assets while ensuring that they are handled according to their preferences after they die or become incapacitated. Hundreds of people in California utilize revocable living trusts to prevent their estate from undergoing probate. As your attorney for revocable living trusts in Beverly Hills, California may explain, estates worth more than $150,000 may be subject to the regular probate procedure, while estates worth less than $150,000 may be subject to a streamlined process.
The Advantages of Creating Revocable Living Trusts
The grantors and their families can gain from revocable living trusts in a variety of ways, including the following:
- Maintaining secrecy – Unlike wills, which become public records after they pass through probate, trusts do not have to be probated. This means that a settler and his family may keep their anonymity, which can be a particularly enticing choice for families that are in the public spotlight and/or have significant assets.
- Evading probate – When the settlor dies, the property and assets held by a revocable living trust are not subject to probate and are instead dispersed by the successor trustee to the appropriate beneficiaries (as specified in the trust instruments). This can save beneficiaries’ stress and expenditures while allowing them to take possession of property or assets sooner than if the probate process had to be completed.
- Taking care of a diverse family’s estate planning requirements – When families have children from past relationships, revocable living trusts can include provisions for each of these children, even if they are minors.
- Reducing estate tax requirements – Estate tax obligations can be significant after someone dies away, and revocable living trusts can be set up to limit these tax costs while still ensuring that the beneficiaries receive the bulk of the trust’s assets (rather than government entities).
Contact Us At Inter Vivos, PLLC
The founder of a revocable living trust can keep control of their assets while they are still alive. While establishing a revocable living trust is not complicated, it is subject to several state and federal laws. Before finalizing your estate plan, you should always seek the advice of an attorney for CA revocable living trusts in Beverly Hills at Inter Vivos, PLLC, as any small error might ruin your life’s effort and the legacy you want to leave behind.
REVOCABLE LIVING TRUSTS BEVERLY HILLS CA
Our Revocable Living Trusts Beverly Hills, CA attorneys at Inter Vivos, PLLC assist families with the drafting and administration of revocable trusts.
People have to select between wills and revocable living trusts when making an estate plan. A legal document called a “revocable living trust” is an important component of your estate planning. It helps you make while you’re still alive that says what should happen to your property after you die. Real estate, the cash in your bank accounts, investments, and anything else of value can be considered assets. You can add or remove assets, change who your beneficiaries are, and decide who should oversee making sure your trust is managed correctly after you die.
Understanding Revocable Living Trusts
Trusts can be either revocable or irrevocable. The main difference between the two is whether the trust can be altered or revoked. Revocable living trusts get their name from the fact that you can change or cancel them at any time while you are still alive. It can be changed at any time during your life. This can help people who aren’t sure what to do with their property or don’t want to make a permanent choice. It can also help if a beneficiary dies or if your relationships change, which could change how you want to set up your trust.
If you’re the trustee, you’ll oversee running the trust. This means keeping track of the income coming in and going out and paying taxes. If you choose to be the trustee, you will also have to choose someone to take your place. They’ll take over if you die or become disabled.
Benefits of Revocable Living Trusts
Protection of assets while disabled
At Inter Vivos, PLLC we strive to help you establish measures for the possibility of being incapacitated, so that the assets in a revocable living trust will still be safe. When you are no longer able to manage the trust, a successor trustee takes over and runs it. When you set up a revocable living trust, you will choose someone you can trust with your assets to be the trustee.
Revocable living trusts also spell out who will take care of your children if you become too sick or injured to do so. For instance, the terms can say where your children under 18 live, who takes care of them, and how much they can spend. Our Revocable Living Trusts Beverly Hills, CA attorneys are here to assist throughout the entire process.
Flexibility
A revocable living trust gives you the most freedom out of all the tools you can use to plan your estate. You can change it or end it whenever you want and as many times as you want. So, if your family or financial situation changes, the Trust can also be altered. You can choose to choose a different trustee or to add or remove beneficiaries.
Offers security and tax benefits
The Federal Deposit Insurance Corporation (FDIC) protects assets in a living trust that can be changed at any time. This means that the FDIC will protect any money you put in the trust’s bank account.
Contact our Revocable Living Trusts Beverly Hills CA Attorney
Meeting with an expert is the first step in making an effective estate plan. For more information, you can talk to our Revocable Living Trusts Beverly Hills CA Attorney from Inter Vivos, PLLC right now.