Leslie Daff JD/MBA - Laguna Beach Trusts Lawyer - Certified Specialist in Estate Planning, Probate and Trust Law by the State Bar of California Board of Legal Specialization
REVOCABLE LIVING TRUSTS
People often use a revocable living trust to avoid probate, for tax planning, and to control the manner and timing of distribution to beneficiaries. Unlike a will, which is a public document filed with the court, the trust is private. Property held in the name of the trust is not subject to probate proceedings.
You need to transfer your assets (e.g., real estate) into the trust, generally with the assistance of an attorney. You continue to control and manage the assets as you do now, but upon your incapacity, your named successor trustee manages the trust assets on your behalf without a court having to appoint a conservator. Upon your death, your successor trustee distributes the assets to your beneficiaries according to the terms of the trust. |