A revocable trust can fill an important role in your California estate planning efforts. Much like a will, a revocable trust can identify how you want your assets and personal belongings to be distributed when you die. Other ways a revocable trust can work for you is by specifying your wishes should you become seriously ill or incapacitated and by helping prevent probate for your heirs.
The primary benefit of a revocable trust is that it gives you the power to maintain control over your property while you are still alive. This means you have the ability to change the document or even revoke it. Despite the advantages of a trust, many California residents have not included these valuable legal documents in their estate plans.
Many people think a trust is simply a way of replacing a last will and testament, but this is not the case. When properly prepared, a trust works in conjunction with a will to ensure all of your final wishes are carried out.
Here are a few other advantages of including a trust in your estate planning documents:
— Potentially eliminate or reduce estate tax
— Outline any instructions about the distribution of assets to your heirs
— Avoid a court-ordered conservatorship to protect your assets if you should become incapacitated
— Make arrangements for the care of the family pets after you die
While a revocable trust may not be for everyone, it can be an excellent way to enhance your existing estate plan while bringing you and your loved ones peace of mind. We urge you to browse our website for additional information or contact our law office to schedule a consultation.