Revocable Living Trusts in California
Probate Lawyer in Irvine, CA
Are you interested in creating a revocable living trust? If so, it may
be helpful for you to contact a probate lawyer in Irvine from Peter Rasla
& Associates, P.L.C. For years, the team has been committed to helping
clients plan for their future and loved ones. There are a number of reasons
why individuals continue to trust the team for their probate-related needs.
Some attributes that set the team apart from other firms include:
- The team takes the time to thoroughly analyze every client's situation,
coming up with customized solutions
- Clients are always updated about the status of their case through prompt,
informative, and responsive communication
- Every client receives the utmost amount of respect, honest, and devotion
- The team handles every case with great care and attention to detail
What is a revocable living trust?
A revocable living trust is a type of trust that gives ownership of an
individual's assets to another person. Unlike an
irrevocable trust, the conditions set forth by a revocable trust can be altered or terminated
at any time by the creator. This is because the transfer of the assets
in a revocable trust does not officially occur until after the grantor's
(one who created the trust) death. The grantor continues to administrate
his or her own estate until they pass away, at which point the property
will either be transferred to the named beneficiaries, or given to a successor
trustee to manage.
Steps to Creating a Revocable Trust
When forming a revocable trust, you must first consider what assets you
would like to include. Usually people include their most valuable possessions
such as real estate, insurance, and stocks, because these items tend to
be worth the most. Smaller items are typically reserved for inclusion
in a will instead of a trust.
After determining the assets to include in your trust, you will then have
to select your beneficiaries, who are the people you will transfer your
assets to. Once you make these decisions, you can begin drafting your
legal document. You are encouraged to work with an experienced trust attorney
to verify that your trust is written properly and effectively.
The trust will need to be signed by you (the grantor) and the trustee.
After the document has been signed and notarized, your properties and
assets will be transferred according to the terms you have outlined.
Spanish-Speaking Services & Free Case Evaluations Provided
If you are considering forming a revocable living trust but have more questions
regarding the matter, do not hesitate to
give Peter Rasla & Associates, P.L.C. a call.