Call for a FREE Consultation

Revocable Living Trust Lawyer

Revocable Living Trust Lawyer

Palmdale CA Revocable Living Trust Lawyer Both wills and trusts are important estate planning tools that can pass assets on to heirs and beneficiaries. But a will simply determines who gets your property after you pass on; it doesn’t help your loved ones avoid the time and cost of the probate process and courts. A living trust, on the other hand, transfers your assets into the safety of a trust managed by a trustee. Because your property is distributed to the trust while you are living, it allows you to avoid the hassle of probate.

The majority of living trusts are revocable living trusts, which can be modified or terminated during your lifetime. But what are the benefits of creating a revocable trust, and how do you know if it’s right for you? For answers to your questions about estate planning, speak to a Lancaster CA revocable living trust lawyer at Herbert Law Office today.

What Is a Revocable Living Trust?

A revocable living trust is one you create during your lifetime, and can be altered or ended at any time while you’re alive. If you establish one, you are its grantor. Grantors of these trusts often name themselves trustee and primary beneficiary during their lifetime.

As trustee, you will be responsible for administering the trust. This entails tracking income and expenses and paying taxes. If you name yourself trustee, you will also have to appoint a successor trustee. They will take over when you die or become incapacitated.

A revocable living trust documents in writing how you want your assets to be distributed after your death. These assets could include real property and personal property, such as jewelry and cars. It can also include bank accounts, securities, bonds, and other investments.

Upon your death, the assets you put into the trust are conveyed to your designated beneficiaries. Beneficiaries are individuals and organizations you pass your assets on to after you pass.

Will a Revocable Living Trust Work for You?

A revocable living trust is the right estate planning tool for you if you:

  1. Are young and have only recently begun planning your estate;
  2. Have assets in multiple states and want to avoid separate probate processes in each state; or
  3. Have a variety of investments that will be challenging to distribute,such as real estate, art, and investment accounts.

What Are the Benefits of a Revocable Living Trust?

A revocable living trust can provide many benefits:

1. Avoids Probate

If you die with only a will, your assets will have to go through the probate process. This will involve court appearances, legal paperwork, and a court order distributing your assets as you stipulate. You may even subject your loved ones to multiple probate processes if your assets are in different states. This could cost them more time and money that could be better spent elsewhere.

A revocable living trust allows your loved ones to avoid the hassles of going through probate. This translates to a speedier, less costly process of distributing your assets to beneficiaries.

Avoiding probate with a revocable living trust also provides you and your beneficiaries greater privacy. The probate process is open to the public. So, the inventory of assets, notifications, payments to creditors, and distribution to beneficiaries are all done in public view. Everyone could have access to the terms of your will and listings of your beneficiaries and assets.

By establishing a revocable living trust, your estate will be distributed in private. This protects both the privacy of your assets and your beneficiaries.

2. Protects Your Assets If You Become Incapacitated

Assets in a revocable living trust continue to be protected in the event that you become mentally incapacitated. At the time you become incapacitated, a successor trustee automatically takes over and manages the trust. The trustee will be someone you can entrust with your assets and appointed when you set up the trust.

Revocable living trusts also provide the terms of guardianship for your children in case you become incapacitated. The terms can specify where your minor children live, who cares for them, and what they can spend.

3. Provides the Most Flexibility

Of all the estate planning tools available to you, a revocable living trust is the most flexible. It can be modified or terminated at any time as many times as you wish. So, if your financial or family situations change, your trust can change with them. If you want to appoint another trustee or add or remove beneficiaries, you have that option.

4. Provides Protections and Tax Benefits

Assets in a revocable living trust are protected by the Federal Deposit Insurance Corporation (FDIC). This means that money you keep in the trust’s bank account is insured by the FDIC.

Funds in a revocable living trust are also protected from creditors of your beneficiaries. Note that this protection does not apply to you as the trust’s grantor.

A revocable living trust can reduce state taxes if you live in a state that imposes its own estate tax. Note, however, that no such benefit exists for federal estate taxes and other taxes imposed during your lifetime.

Speak to a Lancaster CA Revocable Living Trust Lawyer

If you think a revocable living trust might work for you, a Lancaster CA trust attorney at Herbert Law Office can help. We can help you draft a trust that addresses your needs and goals. To learn more about the best way to plan your estate, contact us today.

Request a
Free Consultation

Revocable Living Trust Lawyer

What Our Clients Say

  • Steve and I enjoyed your professionalism, service, and care in making us feel like we were your VIP clients. We would love to recommend Herbert […]

    ~ Stephen & Margaret P., Mojave

    unum disability claims
  • Great experience. Marc explained everything and gave us all the time we needed to review the documents.

    ~ Kris and Sharron W., Tehachapi

    unum disability claims
  • Pleasant and good information. We felt comfortable through the difficult decisions and never felt pressured.

    ~ Floyd and Agee R., Ridgecrest

    unum disability claims
  • Marc and his staff put my mom’s trust on their top priority because she was hospitalized.

    ~ Louiese H., Palmdale

    unum disability claims
  • Very professional and approachable.

    ~ James and Cecelia M., Palmdale

    unum disability claims
  • Friendly and professional.

    ~ Tomas and Mary C., Lancaster

    unum disability claims
  • Very friendly and easy to work with.

    ~ Michael and Carole S., Acton

    unum disability claims
  • Very helpful, easy to understand. Felt very comfortable.

    ~ Judy W., Lancaster

    unum disability claims
  • (Marc) was very helpful and professional … patient answering all of our questions with cogent explanations.

    ~ Terry and Nancy L., Palmdale

    unum disability claims
  • Very pleasant and staff extremely helpful … open and honest.

    ~ Steve F., Quartz Hill

    unum disability claims
  • Excellent. Pleasant and well-informed …you educated us.

    ~ Raymond and Lori G., Santa Clarita

    unum disability claims
  • Explained everything well. Always available when our schedule changed. Easy to work with.

    ~ Mark and Suzanne F., Lancaster

    unum disability claims
  • Excellent. Easy process.

    ~ Michael and Susan R., Quartz Hill

    unum disability claims
  • Very efficient … (we appreciate) your attention to detail, ability to explain documents in “plain” English, good response time.

    ~ Thomas and Bonnie G., Tehachapi

    unum disability claims
  • We just kept putting it off. Thank you for your patience … (and) one-on-one personal contact.

    ~ Rex and Denise H., Acton

    unum disability claims
  • Very pleasant, patient and accommodating. Great listener … (the) Antelope Valley community should be proud of having such a caring and wonderful person like you, […]

    ~ Hovsep M. and Anna A., Palmdale

    unum disability claims
  • Excellent. Very professional, great attention to detail, seemed to really care … (and) answered all questions.

    ~ Daniel and Linda L., Ridgecrest

    unum disability claims
  • Personable, knowledgeable, explains well. Very happy with the courtesy and expertise in handling our Trust.

    ~ Anthony and Susan C., Lancaster

    unum disability claims
  • It was an easy experience for a hard thing to do. (Marc is) very easy to speak with and made everything easier to understand. We […]

    ~ Bruce and Christina Z., Tehachapi

    unum disability claims
  • (You) were always following up to make sure we had all we needed. Great service … provided a lot of information.

    ~ Carlos and Claudia O., Palmdale

    unum disability claims
  • Excellent. Very informative …friendly … (and) explained things clearly.

    ~ Robert and Joan W., Lancaster

    unum disability claims
  • Marc was great at understanding our needs and he and his staff are so responsive in providing what we need, how we need it … […]

    ~ James and Linda J., Palmdale

    unum disability claims
  • (We appreciate your) thoughtfulness, friendliness and fairness to walk us through the process and helping set up a Special Needs Trust

    ~ Dale and Meryl Z., Tehachapi

    unum disability claims
  • Friendly and welcoming atmosphere. We enjoyed working with Marc. He took time to explain and answer all and any questions … (You) did not rush […]

    ~ Keith and Susan I., Acton

    unum disability claims
  • Marc took his time explaining everything thoroughly to us and answered the many questions we asked. We have busy conflicting schedules, so at times we […]

    ~ Sharron K. and Bonnie M., Palmdale

    unum disability claims
  • Very professional staff … (Marc’s) first hand knowledge of the law (was very important)

    ~ Janet B., Lancaster

    unum disability claims
  • Excellent learning experience … (we appreciate your) expertise in the field.

    ~ Danny and Diane T., Ridgecrest

    unum disability claims
  • (My experience) was quite relaxing and worry-free … (Marc is) honest and answered any and all questions that I had leaving me with good feeling […]

    ~ James G., Lancaster

    unum disability claims
  • Excellent. Very professional and on the other hand very open, which made covering sensitive subjects a lot easier. (Marc is) easy to talk to.

    ~ Wilfred and Julia L., Palmdale

    unum disability claims
  • (Marc) was very patient with (me) … (and) anyone with assets and heirs (would benefit from his services).

    ~ Marcy W., Leona Valley

    unum disability claims
  • It is not fun to plan for one’s death, but you helped us be comfortable. You were very considerate to our needs, especially when it […]

    ~ John and Diane H., Palmdale

    unum disability claims
  • You and your staff were professional, helpful and patient … We took a long time getting everything together and you helped us and were patient […]

    ~ Jerry and Gloria V., Palmdale

    unum disability claims
  • Excellent. Very knowledgeable and helpful 🙂 … Your office was very helpful and persistent in keeping in contact with us during a very chaotic year. […]

    ~ Christopher and Naomi E., Temecula

    unum disability claims
  • We were in good hands with Marc’s expertise through every step. He was thorough. We didn’t feel rushed. We know that you are working for […]

    ~ Randy and Rebecca T., Lancaster

    unum disability claims
  • It was a well-paced comfortable experience

    ~ Richard and Clara H., Quartz Hill

    unum disability claims
  • Excellent. Professional and caring … (I liked) being able to contact you to answer my questions.

    ~ Dwight and Paula C., Palmdale

    unum disability claims
  • It was a pleasant and easy experience working with Marc …. Everyone who believes they and their family will “be alright” without a will and/or […]

    ~ Don and Michelle W., Lancaster

    unum disability claims
  • Marc is friendly and easy to talk to, very helpful. Marc explained everything clearly (and) patiently answered questions.

    ~ Evelyn G., Lancaster

    unum disability claims
  • Everyone is so patient with us and our situation. You’re easy to talk to and share personal stories that help (us) think through (our) own […]

    ~ Michael and Sharon W., Tehachapi

    unum disability claims