A revocable trust is a popular estate planning tool that can serve useful property management functions during a client’s lifetime, but is primarily used as a convenient and efficient means to distribute a client’s assets on his or her death. There are many uses of revocable trusts as alternatives to other devices for transferring property. Of course, you need to properly have the trust drafted, decide who will be the trustee, fund the trust, consider tax issues within the trust and for the future, creditor rights, management of the trust assets and termination of the trust. Additionally, there are many different kinds of trusts such as the A-B Q-Tip trust, Bypass Trust, Exemption Trust, Marital Deduction Trust and more. A trust is revocable by the settlor or settlors unless expressly made irrevocable by the trust instrument or some event later in life triggering the creation of an irrevocable trust. Irrevocable trusts involve a permanent relinquishment of control or enjoyment by the settlor that inevitably has gift and other tax consequences. A revocable trust usually does not have such substantive tax effects because it may be revoked by the settlor at any time. Nevertheless, it does have other substantive effects that impact legal and beneficial rights.
A Living Trust Attorney in California is necessary for you to protect yourself, your spouse and your family. Why a Living Trust Lawyer? The reason is because there are numerous laws and regulations and procedures necessary for you to protect yourself and to get your affairs in order. It is not just dying that a Living Trust Lawyer can help you with, but all matters involved with incapacity. For example, a Living Trust Attorney Long Beach, CA can prepare a proper Durable Power of Attorney for Financial Management to help make all the necessary financial decisions if you become incapacitated. Alternatively, a Living Trust Attorney California can prepare the Advance Healthcare Directive to do everything necessary should you become incapacitated. The Living Trust Attorney Long Beach CA will be able to properly put in the Estate documents your wishes and desires as closely as possible to what you want. Many times it is not possible to get exactly what you want. However, the Living Trust Attorney California can determine the best vehicles to help you with your desires such as a sub-trust or an irrevocable living trust or a bypass trust or a special needs trust. The Living Trust Lawyer is experienced and qualified to be able to prepare all documents for the Estate Plan and to discuss with you how to fund the Trust. The Living Trust Lawyer is able to prepare the Deed of Trust and Preliminary Change of Ownership to file and record at the Registers Office to move the real property into the Trust. Avoiding Probate is usually a high priority for the Living Trust Attorney California in preparing the Estate Plan. Thus, before trying to do the Estate Plan yourself, get a Living Trust Attorney California who is experienced and able to properly help you and your family so you will have peace of mind.