Trust Administration Attorneys California
San Jose Revocable Living Trust Lawyers
A revocable living trust is simply a different way to hold title to your assets. Assets are titled in the name of the trust rather than in your name. It is called a living trust because the transfer of assets to the trust occurs during your lifetime. It is revocable because it can be eliminated or changed at any time by the trustee. A trustee (most often you) is appointed to manage the property. Detailed instructions are included in the declaration of trust regarding:
- How the trust will be managed
- How assets will be distributed upon your death or
- Who will become the trustee if you become incapacitated or when you die
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One of the main advantages of a revocable living trust is that your estate will not go through probate after your death.
The probate process is expensive. Fees are based on a percentage of the estate's total assets. A revocable living trust will ensure that your estate does not go through probate court.
A trust not only saves your heirs the time and money associated with the probate process, it also keeps the contents of your estate private. When an estate is probated, the inventory of estate assets, their valuation, and distribution are all a matter of public record. Only the trustees and those involved in trust administration know the contents of a revocable living trust.
In addition, a revocable living trust can help your heirs avoid certain inheritance taxes. And it protects the assets from lawsuits and divorce actions because they do not own the assets held in trust.