Woodland Hills Revocable Living Trust Attorney

Revocable living trusts are an estate planning option that may better fit your needs than merely a will. It often depends on the size of the estate, the type of property that will be transferred, and the needs of a particular individual or family.

Revocable living trusts are typically a better alternative than having your estate pass to your heirs through a court-supervised probate proceeding. Trusts avoid court involvement and property can pass to your heirs more quickly and with less expense. One size never fits all and determining the best type of estate plan requires understanding what clients want to accomplish and the nature and extent of the property to be transferred.

At Law Offices of Andrew Cohen, our Woodland Hills revocable living trust attorney works with clients to gain a complete understanding of their estate planning needs and then determines if a revocable living trust is the best tool to use.

Why Create a Revocable Living Trust

Setting up a revocable living trust involves creating a plan for the management of your assets during your life as well as after your death. Typically, you will serve as the trustee – manager – of all the property in the trust. But you also name successor trustees to take over management of the trust assets if and when certain things happen to you. Making the trust ‘revocable’ means that you are free to change or terminate it at any time.

  • A trust is often a faster and less costly option than probate in California – Court fees in probate are numerous and costly. Fees associated with probate include court costs, compensation for the personal representative, and the attorney for the personal representative as a percentage of the value of the decedent’s estate.
  • Your privacy is maintained – If privacy is a concern, a revocable living trust does not become a matter of public record. On the other hand, a probated will can be viewed by anyone with the name of the decedent and date of death.
  • You can avoid court proceedings in the event of disability – The provisions of a will do not take effect until you die. As such, other documents are needed to appoint someone to manage your affairs in the event you become unable to do so. A revocable living trust allows you to appoint successor trustees that can take over the management of trust assets without the delay of a court proceeding.

A revocable living trust can be updated when and if needed during your lifetime. It’s important to make sure that the property you want in the trust is legally owned by the trust.

  • To avoid probate, all trust-ownable property must be titled in the name of the trust – Once you create a revocable living trust you must ‘fund’ the trust with the property that is to be subject to its terms. That means any property with a title – like real estate or vehicles – must be changed to reflect the trust as the owner. Bank and other accounts will also list the trust as owner. You will sign on behalf of the trust as the trustee.
  • Real estate can and should be in the Trust – When acquiring real estate, it’s a good idea to take title to any property you acquire as the trustee for your trust to ensure the assets are in the Trust for the future.

How to Determine if a Revocable Living Trust is Right for You

In order to know if a revocable living trust should be a part of your estate plan, it’s best to consult with an estate planning attorney. Each estate planning situation is unique and what works for one person may not be what is right for another.

The Woodland Hills revocable living trust lawyer at the Law Offices of Andrew Cohen takes the time to get to know you and understand your needs. He’ll work with you to establish an estate plan that is personalized for your and your family’s goals and needs. To learn if a revocable living trust makes sense for you, contact us to schedule a consultation or call our Woodland Hills office at 661-481-0100.