Revocable Living Trusts
A revocable living trust helps your loved ones so that they will not have to deal with the probate process once you pass away.
Any estate worth more than $150,000 at the time of death needs to go to probate in California unless there is a trust.
If you do not have a trust your relatives or heirs will have to be involved in a lengthy and costly court process called probate by which the court determines who gets what. The probate process also discloses to the public the value of your estate.
You can help your relatives or heirs avoid the unnecessary time and expense of probate and protect their privacy by creating a revocable living trust as part of a customized estate plan.
A revocable living trust needs a settlor or trustor, a trustee and beneficiaries. You can act as both settlor and trustee, but will need to appoint a trustee for when you pass away. The trustee will ensure that the instructions and wishes in the trust are followed and carry on all of the necessary steps to ensure the people or organizations get what you indicated in the trust. These people and organizations that you want your assets distributed to are the beneficiaries.
Taking the time now to have an attorney draft a revocable living trust will ensure that your loved ones and/or organizations you care about get what you want them to get after you pass away with the least costs and delay possible.