Revocable Living Trust
A Living Trust is a written instrument that allows you to protect and manage your assets while you are alive, as well as spell out your wishes for what you’d like to do with your assets when you die. You retain full access and control over the trust assets during your life, and then your trustee will distribute the remainder of the assets to your named beneficiaries.
Your Living Trust takes effect while you are alive, and it is “revocable”, which means that you change or even revoke it at any time. After your death, it becomes irrevocable and your assets are distributed according to your wishes. If you are married, you can create a revocable living trust together to handle your individual and joint estates.
A Revocable Living Trust is the best way to avoid the probate process. A Living Trust is also the most flexible way to control how your assets are managed for you in the event you become disabled or incapacitated. And if you have young children, a Revocable Living Trust is a vital tool for preserving what you leave to them, by directing that your trustee should only distribute assets to them according to your terms. You can also nominate a guardian for your children, which is always better than relying on a court to appoint one. Finally, unlike the probate process, your Living Trust is private—both now and after you die.
Whether you need a new Revocable Living Trust or simply need to make changes to your current Trust, you can trust Gaudy Law to ensure that you’ve made the right decisions to provide for your loved ones.
What’s the difference between a Living Trust and a Will?
A Revocable Living Trust (often just called a Living Trust as that’s the most common type) is a legal instrument that allows you to manage your assets during your lifetime and specify their distribution after death. A Will is different.
A Will is great in that it allows you to name guardians for minor children and address specific wishes that a trust may not handle, such as funeral arrangements. However, assets covered by a will are not protected from probate fees or delays.
If you have a will without a Living Trust, your assets must go through Probate, a court-supervised process that can be time-consuming and public.
Combining the both a Will and a Revocable Living Trust is key. Put them both together in an Estate Plan and take advantage of comprehensive coverage, ensuring your wishes are fulfilled efficiently and effectively.
Estate Planning Pricing
Not sure which option is best for you? Schedule a consultation today and we’ll help you decide while we answer any other questions you have about revocable living trusts and more.
Serving Your Friends, Family, and Neighbors for Years
We help our clients create a Revocable Living Trust in the following areas!
- Los Angeles County: (213) 513-6691
- Riverside County: (951-338-6198)
- San Bernardino County: (909) 442-4729
- Upland
- San Bernardino
- Ontario
- Fontana
- Redlands
- Rancho Cucamonga
- Victorville
- Rialto
- Chino Hills
- And more!
