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A revocable living trust is an alternative financial planning solution that allows your assets to be protected based on the unique situations of each phase of your life, without having to go through probate. A revocable living trust, more commonly known as a living trust, is created by the settlor to protect his or her assets. Typically, the settlor is also the trustee. However, some individuals choose to appoint an institution to be the trustee.

During the healthy phase of the settlor’s life, she will have the ability to manage, spend, and invest all assets within the trust based on the terms of the trust. Therefore, this phase will not affect the settlor’s life unless a physical or mental condition begins to occur.

With a revocable living trust in place, the settlor will receive financial protection if he becomes mentally incapacitated. Upon drafting the living trust, the settlor will formulate specific terms and procedures for this phase of life. Once the settlor has been determined to not have the mental capacity to make financial decisions on his own, the successor of the trust, also known as the disability trustee, will take over. The disability trustee will now be able to manage, spend, and invest the trust funds based on the best interests of the settlor.

Once the settlor passes away, the successor trustee, also known as the administrative trustee, will be responsible for paying all final expenses for the settlor, as well as the final bills, debts, and taxes. This individual or institution will make sure that the remaining balance of the trust is delegated according to the settlor’s wishes.

Contact Gaudy Law in Upland for all of your California legal needs. Whether you are in need of assistance through the probate process, creating a will or trust, or going over estate planning, we will provide you with the representation you deserve with one of our experienced probate attorneys in Upland.

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