California Living Trust Attorney – A Complete Introduction!
Dec 11 2017 by Leah Wilmot Category Intellectual Property Views
Because the settlor is alive, they have full control over the agreement and can revoke the arrangement at any time. It is basically the term revocable agreement is used for reflecting the same.
First and foremost, it is important to know about living trust. It is basically a legal entity that you can move your assets into for numerous reasons, including to avoid probate after you pass away. Besides, if desired, the assets in your agreement can be fully controlled by those of another individual. The person setting up the trust is termed as settlor or also the trustor, and the individual who can control both.
The living part indicates that the trust is in effect while the settlor is still alive, which makes it different from a agreement created with a will at the time of death. Because the settlor is alive, they have full control over the agreement and can revoke the arrangement at any time. It is basically the term revocable agreement is used for reflecting the same.
It is common for the settlor, trustee and also beneficiary to all be the same person. You can also establish an agreement for your own assets, be your own trustee and then use those important assets to pay your bills. For a married couple, husband and wife can be co-trustee of a trust. People can be indeed leery of these since they think they are giving away their assets and also losing control. The assets will then no longer be legally in their name, but as they are still in full control of the agreement.
An agreement should include complete information to proceed should the trustee pass away, and also have an ultimate plan for asset distribution. It provides a complete control and also continuity in that you can continue the same agreement after your death of handling and also allocating your assets. So, if your assets are placed into the trust while you are alive, they can still be offered to your heirs outside of probate upon your death that will save a great deal of time and money for your estate. It doesn’t mean a living trust is the right answer for everyone. There are different methods of avoiding probate costs too.
As mentioned above, the settlor is capable of changing the trust at any time when it is set up as a revocable agreement. There is of course such thing as an irrevocable California living trust attorney where you will not be capable of revoking the agreement once established completely. You should always ensure that your attorneys are fully aware of which one you are keen in before proceeding.