Woodland Hills Revocable Living Trust Attorney

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.