Dedicated & Effective Legal Counsel
Before you pass, it's crucial to plan for the orderly distribution of your assets. Creating a revocable living trust is one of the best ways to protect your legacy and the assets you intend to leave for your loved ones.
A revocable living trust offers a more flexible approach to estate planning than simply creating a will. Indeed, Revocable Living Trusts are a must for blended families, those with children who are minors and for the elderly who need to maximize resources for long term care.
Most people don't realize that a revocable living trust is one of the most important documents they will ever create. A living trust focused estate plan is the most cost-effective, time saving solution to help people navigate issues of incapacity and death. But not all revocable living trusts are the same. In fact, there are simple probate avoidance trusts, blended family trusts, litigation avoidance trusts, asset protection trusts, tax reduction trusts, hybrid trusts, and many many other types of revocable living trusts that ought to be tailored to each person's facts and circumstances. Most law firms only create probate avoidance trusts which is simply not going to cut it for many families. That's why it's best to carefully choose which trust attorney you want to represent you. At Kaiden Elder Law Group, PC, our team of experienced attorneys have crafted countless revocable living trust documents over many decades, so we know how to help you best and we do it right the first time around.
Call our law office in Oxnard today at (661) 306-2500 or contact us online for a consultation with our seasoned trusts attorneys.
What Is a Revocable Living Trust?
A revocable living trust is a legal document that determines how your property is managed and distributed during your life and also when you pass away.
Typically, a revocable living trust involves the following three parties:
- The Settlor: Sometimes called a Grantor or Trustor, is the creator of a trust. With a revocable living trust, the Settlor can amend or revoke it as they see fit. Their trust is a private document and becomes irrevocable when the last Settlor dies.
- The Trustee: The Trustee is responsible for holding title to the trust assets and managing them according to the terms of the trust document. The assets held by the Trustee make up the principal of the trust. This principal frequently changes as determined by external factors such as expenses and income as well as the investment desires of the Trustee. The Settlor usually serves as the initial Trustee during life and then another person, private professional trustee or corporate trustee will serve as the Successor Trustee after the settlor dies or becomes incapacitated.
- The Beneficiary: This is the individual(s) and/or entity(ies) entitled to receive the income and/or principal from the trust. Passing assets through a trust avoids a costly, time consuming probate proceeding as it passes assets to beneficiaries. There are lots of other benefits Beneficiaries obtain by having assets pass to them via a Revocable Living Trust.
Some of the other advantages of using a revocable living trust to pass your legacy, values and wealth to loved ones include:
- The administration of your trust will remain a private matter as it needn't pass via the court system after your death.
- Property in your trust can be distributed to beneficiaries shortly (or in a staggered manner) after your death for optimal results.
- Properly drafted Revocable Living Trusts not only avoid Probate court, they ensure you leave your beneficiaries a legacy, and not headaches or lawsuits.
Request a Consultation with Our Trust Attorneys
At Kaiden Elder Law Group, PC., our law firm focuses on assisting clients in all areas of estate planning. Long ago, we decided to hone our practice, so that we could provide clients with exceptional services. That is why we have a stellar reputation for providing world-class legal services and compassionate counsel to clients of all backgrounds and age groups. Our firm is uniquely qualified to help clients create effective estate plans helping them navigate the murky waters surrounding probate, public benefits, and tax law.
Pleas give us a call today at (661) 306-2500 if you are ready to schedule a case consultation with one of our knowledgeable lawyers. You can also contact us online by filling out our convenient online form.
Contact Our Estate Planning Expert Today
Here at Kaiden Elder Law Group, PC, we specialize in restructuring outdated estate plans. To make sure that your estate plan does what you need and want it to do, please do not hesitate to contact us for a consultation
