A revocable living trust is an important estate planning document that can help you organize your assets and establish instructions for how your property should be managed during your lifetime and distributed after your death. Also known as a revocable trust or revocable living family trust, it can be changed or revoked during your lifetime according to the terms of the trust.
At Teuninck & DeBishoppe, we provide professional legal document preparation services for individuals and families in San Jose, Santa Clara, and throughout Santa Clara County, California. Our services can help you prepare the documents needed to establish your estate plan according to your instructions.
What Is a Revocable Living Trust?
A revocable living trust is a legal arrangement in which assets are placed into a trust and managed according to instructions established by the person creating the trust, commonly called the grantor or trustor.
One of the key features of a revocable living trust is flexibility. During your lifetime, you generally retain control over the trust and can make changes or amendments as permitted by the trust document.
A properly prepared trust may also provide instructions for managing trust assets if you become incapacitated and for distributing those assets to your designated beneficiaries after your death.
Benefits of a Revocable Living Family Trust
Creating a living trust can provide several potential estate planning benefits, including:
Probate Planning
Assets properly transferred to a living trust may generally pass according to the trust's terms without going through the probate process that can apply to assets held outside the trust.
Privacy
Unlike probate proceedings, which can involve public court records, trust administration is generally handled privately.
Flexibility
A revocable trust can generally be amended or revoked during your lifetime, subject to its terms.
Asset Management
A successor trustee can be designated to manage trust assets if you become unable to manage them yourself.
Beneficiary Planning
A trust allows you to establish instructions for how and when your beneficiaries should receive trust assets.
Organized Estate Planning
A living trust can be coordinated with other estate planning documents to create a more comprehensive plan.
The effectiveness of a living trust depends in part on properly transferring eligible assets into the trust. Simply creating the trust document does not necessarily mean that every asset you own is automatically included.
Common questions, answered honestly.
Living Trust and Estate Planning in California
For California homeowners and families, a revocable living trust can be an important component of an overall estate plan.
Your estate plan may include a combination of documents, such as a:
The documents you need depend on your individual circumstances and estate planning objectives.
What Assets Can Be Placed in a Living Trust?
Depending on your circumstances and the applicable rules, a living trust may hold assets such as:
Real estate commonly requires a separate deed or other recording process to transfer ownership to the trust. Financial institutions may also have their own procedures for changing ownership or registration of accounts.
Properly funding your living trust is an important step in making sure the trust operates as intended.
Professional Revocable Living Trust Preparation in Santa Clara and San Jose
Creating a revocable living trust requires careful preparation of the trust document and related estate planning documents. Accurate information about your assets, beneficiaries, trustees, and property ownership helps ensure the documents reflect the instructions you provide.
At Teuninck& DeBishoppe, we provide revocable living trust document preparation services throughout Santa Clara and San Jose. We prepare your legal documents based on the specific information and instructions you provide.
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Why Choose Teuninck & DeBishoppe?
Teuninck& DeBishoppe makes revocable living trust preparation simple, organized, and convenient. As a professional Legal Document Assistant; we prepare your trust and related documents to reflect your wishes, with careful attention to accuracy and detail.
Ready to get started?
Contact Teuninck& DeBishoppe today to learn more about our revocable living trust preparation services in Santa Clara County.