Revocable Trusts Attorney in Los Angeles, California
Do you want to ensure that your assets will go where you intend them to after you pass away? If you answered “yes,” you may need a revocable trust as part of your estate plan.
If you are considering setting up a revocable trust to avoid the lengthy and costly probate process, minimize estate taxes, and ensure that your assets are distributed according to your wishes, the Law Office of Rodney Gould can help. As a revocable trust attorney in Los Angeles, California, Rodney Gould can provide you with the skilled and compassionate assistance you need and deserve. This estate planning tool can bring you and your loved ones peace of mind and ensure that you leave a lasting legacy for future generations. The law firm also serves the surrounding areas, including Studio City, Beverly Hills, Sherman Oaks, and West Hollywood.
What Is a Revocable Living Trust?
A revocable living trust is a powerful tool that allows the creator (called the Trustor) to transfer ownership of his/her assets into a trust during their lifetime. The document is revocable, which means the Trustor can revoke it or modify its terms at any time as long as they still have the mental capacity to do so. There is a wide range of assets that can be put in a trust, including:
Investments such as stocks and bonds
Collectibles and art
Life insurance policies
When creating a revocable trust, the Trustor can designate the Trustee who will be responsible for managing the assets for the benefit of the beneficiary(s) of the trust. According to the Consumer Financial Protection Bureau, the Trustee has the authority to make decisions about the money or property that is held in a trust.
How Do They Differ From a Will?
A revocable living trust is not the same as a Last Will and Testament. While trusts aim to avoid probate and protect the assets held in a trust, wills are written to outline one’s wishes regarding the distribution of all assets. The Testator (the person who creates the will) can also name the executor of their estate, appoint guardians for minor children, provide funeral instructions, and many more. If the deceased person does not have a will at the time of their death, the distribution of their assets will be governed by their respective state’s intestate succession laws.
There are several advantages of setting up a revocable trust, including:
Avoid the lengthy and time-consuming probate process
Protect your assets in the event of your incapacity
Modify the terms of the trust at any time if your circumstances or wishes change
Protect your privacy as well as that of your family
Contrary to popular belief, having a revocable trust does not eliminate the need for a will. If your goal is to create a comprehensive estate plan, you might want to consider both a trust and a will. A skilled attorney can explain the intricacies of creating a revocable trust and a will to ensure the protection of your assets, minimize taxes, and help achieve your other goals.
Creating a Revocable Living Trust
Transferring ownership of assets to a revocable trust involves several steps. The first step requires you (the Trustor) to consider which assets you would like to put in the revocable trust. Once assets are transferred into a trust, the Trustor is no longer the legal owner of that asset, which allows such assets to bypass probate when the Trustor passes away.
The second step is to retain a skilled attorney to draft the trust document and ensure that it meets the requirements for it to be valid and legally binding. Rodney Gould can guide you through the steps required to create and implement an effective revocable trust in the state of California.
Revocable Trusts Attorney Serving Los Angeles, California
While revocable trusts offer many benefits, they can be complex and confusing. Many people do not always understand whether a trust is the right choice for their situation. Rodney Gould helps clients create revocable trusts that best align with their interests and are tailored to their specific circumstances and needs. Get in touch today to schedule a free, 30-minute consultation with the revocable trust attorney in Los Angeles, California.