Drafting and signing a Will is not the only way you can ensure your loved ones inherit your property and assets in accordance with your wishes after you pass. And a Will is probably not the best method to use. Other options, such as establishing a revocable living trust, may be much better suited to your goals.
Hiring an experienced trust and estate attorney will let you create and establish a strong trust plan that makes sense for you and your family. Like other professionals, a good attorney will ask the right questions, explain the process, and make sure it’s done properly. If not, it will be too late when the family realizes the process was not correctly handled. At the Law Offices of Andrew Cohen, an Encino revocable living trust attorney will help you determine if setting up a revocable living trust is the best course of action.
What is a Revocable Living Trust
Someone may place assets and property into a revocable living trust for various reasons. Often, they might do so to ensure those to whom they wish to leave inheritances can avoid probate in the future.
The individual who creates and funds the trust names someone trustworthy to be the successor trustee. As a Trustee, this person is responsible for controlling and administrating the property within the trust according to the wishes of its creator (known as the grantor) once the grantor dies.
When you place assets and property into a revocable trust, its reassuring to know you’ll have the easy ability to move assets in and out of the trust, manage your own assets, and retain the power to amend the terms of the trust should you wish to do so in your lifetime. As the name implies, a revocable living trust provides flexibility and options.
Benefits of a Revocable Living Trust
Are you considering placing assets into a revocable living trust and wish to learn more about the benefits of doing so before moving forward? If so, it’s time to discuss your options with a professional. An Encino revocable living trust attorney at the Law Offices of Andrew Cohen will gladly answer your questions on this subject.
The following are just some of the advantages a revocable living trust can offer:
- Saving time by eliminating the need for probate
- Saving money, as the probate process can involve a variety of expenses
- Preventing information about inheritances from being made public
The length of the probate process can vary on a case-by-case basis. Generally, though, probate in California lasts two or more years. The entire process requires court oversight and permissions.
In contrast, a Trust (absent challenges) does not need court petitions and processes. Unlike a Will, probate courts are not involved in the disposition of property when a revocable living trust has been established. Properly structured, both legally and for your unique needs and goals, a Trust will be very beneficial for yourself and your family.
There are many reasons to establish a Trust and estate plan and to hire a lawyer when setting up a revocable living trust. Along with helping you better understand why this may be the ideal option based on your goals, an Encino revocable living trust attorney will take all steps necessary to ensure your trust is valid and designed for your needs.
Contact an Encino Revocable Living Trust Attorney
At the Law offices of Andrew Cohen, we understand that processes like establishing trusts and generally planning one’s estate can be overwhelming. Our goal is to guide you through them every step of the way. Learn more about what an Encino revocable living trust attorney can do for you by contacting us online or calling us at 661-481-0100.