Revocable Living Trusts
Rancho Cucamonga Estate Planning Lawyer
A living trust is a document that allows you to distribute your assets
to your loved ones while avoiding probate. Revocable living trusts are
often preferable to wills because they offer a fast, private way to transfer
one's property after death. A living will is not a substitute for
a will, but it can help to transfer real estate or other financial property.
Why are living trusts revocable?
Living trusts are called revocable because you can alter or revoke them
at any time while you are still living. Once the trust is created, it
is completely alterable until your passing. This flexibility can help
individuals who are indecisive or are hesitant to make a permanent decision
about their property. It can also be helpful in case a beneficiary passes
on or relationships change, altering the way you would like to structure
Making Choices Concerning Revocable Living Trusts
Revocable living trusts involve a lot of decisions; some of the choices
you will need to make include:
- Deciding whether to create a shared trust or individual trust
- Deciding who will inherit the property in the trust
- Deciding what items to leave in the trust
- Deciding who will manage the trust for minors
- Choosing a successor trustee should something happen to your first choice
Drafting the Document
After you outline the contents of the trust and make all necessary decisions,
you can prepare the trust document, which is called a declaration of trust.
An attorney in Rancho Cucamonga can help you to create this trust document.
After the document has been written to your satisfaction, you can sign
it. You will need to get your signature notarized. You will then need
to transfer the property title to your trustee.
Many people forget to complete the process of getting the document notarized
and transferring property titles. Failing to complete these crucial steps
automatically makes the revocable living trust invalid. After the document
is completed, store it in a safe and easily locatable place. The knowledgeable
estate planning team at Atlantis Law can assist you in drafting a valid revocable living
trust that suits all of your family's needs.
If you want more information about revocable living trusts,
call a skilled Rancho Cucamonga estate planning lawyer today!