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Revocable Trust

What is a Revocable Trust?

A living Trust provides a smooth method of distributing assets to beneficiariesA Revocable Trust is generally synonymous with the terms: “Living Trust” or “Living Revocable Trust.” A Revocable Trust is a popular and powerful estate-planning tool for protecting and managing one’s assets during their lifetime, and provides a smooth method of distributing assets to beneficiaries in the event of disability or death. Moreover, a Revocable Trust avoids the public airing of one’s family affairs and assets, and a lengthy, expensive Probate process that would otherwise be forced upon one’s heirs if their was no trust. A Will alone does not prevent a Probate.

A Revocable Trust —as the name suggests, is revocable or amendable during the grantor’s lifetime. The parties that are involved in a Revocable Trust are:

  • The “Grantor,” or the individual(s) that creates the trust. (also known as “Trustor” or “Settlor”)
  • The “Trustee.” or the individual(s) or corporation(s) that manage the trust assets in accordance with the provisions set forth in the trust agreement for the benefit of the beneficiary(s) of the trust.
  • The “Beneficiary(s),” or the individual(s) or charity(s) that the Grantor intends the trust to “benefit” by the eventual distribution of the Trust’s assets

A Revocable Trust is Powerful Estate Planning Choice

All that said, let’s look at why a Revocable Trust is Powerful Estate Planning Choice and why a Revocable Trust, aka:Living Trust, is so popular for people from all walks of life. In most instances, the Grantor, the initial Trustee, and the initial Beneficiary of a Revocable Trust are the same person: you!   In other words, the person who sets up a Revocable/Living Trust (Grantor) as an option to a that of a simple Will (that would result in a lengthy Probate upon death) assumes the “offices” of Trustee and Beneficiary!

Upshot? As the Grantor, Trustee AND initial Beneficiary, an individual can maintain full control of the trust until his or her death or incapacity. Life, as you know it doesn’t change whatsoever. Your title to your home, car, and checking account will look different, but while you are alive you remain the King of your Castle. No one will tell you what to do, or how to do it. In the simplest of terms, the “Title of Ownership” of your “stuff” is incorporated into a trust: your home, vehicles, miscellaneous property, your big-boy toys, and bank accounts will change title into the name of your new Trust – but essentially, you ARE the Trust. Below is the only daily reminder that you did what everyone else should do if they were as savvy as you:

Bank check BEFORE Living Trust: “George and Sherri Williams”
Bank check AFTER   Living Trust: “The George and Sherri Williams Living Trust”

When a Living Trust client calls us to make an amendment to their trust, they will often comment that every time they write a check and look at the new title on their check they have a good feeling and peace of mind that their spouse and children are once and for all “taken care of.” That makes our day!

Revocable Trust Lawyer in Southern California

As with any exploration of estate-planning options, there are many important decisions you need to make. At Vincent W. Davis & Associates, we can review with you in detail what an Revocable Trust is and how it compares to other estate-planning tools. We can help you determine what would be the best option in planning for your family’s future.

Set Up a Day, Evening or Weekend Appointment with a Revocable Trust Attorney Now

For assistance in considering a possible Living Trust, please contact The Law Offices of Vincent W. Davis & Associates in Southern California for a complimentary consultation. Consultations are available in Los Angeles, Orange County, and the Inland Empire including Riverside and San Bernardino Counties. We also handle California Probate and Estate matters for out of state individuals. Mr. Davis will personally make time to share his legal advice with you and your loved ones.

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