Reserve the Right to Change your Mind: Revocable Living Trusts
If you own real estate, whether large or small you should consider setting of a revocable living trust to manage your assets during their lifetime. A revocable trust is a trust where the settlor retains the power to revoke. Since you must be alive to revoke any decision-making, you must have an Inter Vivos or "Living Trust" if you'd like to make the trust revokable. Pursuant to the California Probate Code, section 15400, a revokable trust is considered revocable by the settlor unless it is expressly made irrevocable by the trust instrument. This is legalize for "you can change your mind." Often times, you may need to make changes to your living trust, as you acquire more properties or start a family. A revocable living trust gives you the flexibility to change your mind. If you live in the California area and have further questions about trust drafting in California, you should consult with an experienced Los Angeles estate planning lawyer.