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Revocable Living Trust and Estate Planning

Posted on September 17th, 2019 by Oddo & Babat, P.C.

Revocable Living Trust

Planning your estate is one of the most important things you can do, no matter how many or how few assets you have, or how young you are. Determining exactly where you want your wealth and belongings to go in case something unexpected happens to you, will ensure a much easier transition for your family and result in a more intact estate.

Living Trust

A living trust is an entity that you set up and put your large assets into while you’re alive, legally taking them out of your possession while maintaining control of them. As the creator of the trust, you become the grantor and if you choose you can also be the trustee, which is what allows you to manage and control the assets within the trust.

You can put almost anything into this entity including bank accounts, real estate, vehicles, investments, and more. As you maintain control of your assets, you will also continue paying taxes as necessary, using Form 1040 and your own social security number.

Living trusts have many benefits, including:

  • Avoiding probate and the excessive court time and legal fees that come with it
  • Keeping your estate private, away from public record
  • Providing instructions on what to do if you die, as well as if you become incapacitated and unable to make sound decisions

Revocable Trust

When a trust is “revocable” this simply means that you are able to make changes to the trust at any time. This is beneficial if you form the trust while you’re young and acquire additional assets throughout your life that you would like to add to it. You are also able to take things out or cancel the entire trust.

Thus, an irrevocable trust is one in which you put assets into, name its beneficiaries, and then you no longer have any control over them. It is up to your designated trustee to pay the beneficiaries based on the rules you originally set forth in the documents when the trust was formed. This entity is assigned its own taxpayer identification number.

Plan Your Estate

Many individuals set up a will and last testament for their belongings, not realizing the future benefits of a trust and how it can protect your family from unnecessary court time, legal fees, and waiting for months for assets to be distributed while going through probate. Consult with an experienced Sacramento estate planning lawyer to help you determine the best options for your financial situation and see if a revocable living trust would be right for you and your family.

Thanks to Yee Law Group for their insight into estate planning and revocable living trusts.

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