When considering estate planning, many envision the process of drafting a will. While a will can certainly help you lay out the future for your loved ones, it can lead to a drawn-out and complicated procedure. Moreover, your designated beneficiaries will inherit your assets solely after your passing.
Many individuals, understandably, prefer their estate to be settled swiftly post-mortem. This is particularly crucial when it comes to the allocation of a family residence or the transition of business ownership. As an alternative to the conventional will, establishing a revocable living trust is an option. These trusts transfer tangible property into the stewardship of a successor trustee.
However, this method has its complications. A knowledgeable trust attorney from Lancier Legal, PC can offer detailed insights into San Diego revocable living trusts and assist in determining their suitability for your unique circumstances.
Should you have additional inquiries about trusts or require guidance in formulating an estate plan, reach out to Lancier Legal, PC. Contact us today to arrange your complimentary consultation.
What Is the Purpose of a Revocable Living Trust?
Every individual is entitled to arrange for their assets to be bequeathed to chosen heirs after their demise. Yet, the conventional route, known as probate, can be protracted, intricate, and costly, potentially extending for many months or even years.
A legally established revocable living trust can circumvent the probate process in San Diego. By creating such a trust, one assigns their assets to a trustee prior to their death. This entity or individual tasked with managing the trust will then expedite the transfer of assets, capital, or property to the beneficiaries following the death of the grantor—the creator of the trust.
Creating a Revocable Living Trust in San Diego
As highlighted earlier, evading probate is a key motivation for setting up a living trust. Therefore, it is essential to comprehend the creation of a legally valid trust. Under California law, a trust can be formed by transferring property to a trustee and designating a successor who will receive the property after the grantor’s death. The final trust document requires the signature of the grantor and an official notary seal.
A living trust is effective until the grantor’s death but can be amended as it is “revocable”, with the grantor retaining exclusive rights to modify its terms.
Additionally, the grantor has the liberty to terminate the trust if so desired. Consequently, establishing a revocable living trust represents a potent yet adaptable strategy to ensure the prompt passage of property to heirs for a San Diego resident.
Consult a San Diego Attorney to Discuss Revocable Living Trusts
There are many options to ensure that your property moves to heirs after death.
Usually, a person can write a will to outline who should get their property. But, most of the time, a will has to go through probate, which could spark disputes over validity, complicate executor and court payments, and cause considerable delays of 1 to 2 years.
By creating your own living trust, you appoint a trustee to safeguard your property until your demise. Upon that event, the trustee is charged with the efficient allocation of the estate to your predetermined beneficiaries, thereby bypassing the conventional probate process.
This type of trust also provides flexibility, allowing for modifications or annulment at any time. To explore the advantages of San Diego revocable living trusts and secure your legacy, consult with the seasoned attorneys at Lancier Legal, PC.
Contact Lancier Legal, PC today to book a no-cost, no-obligation consultation.
