About Revocable Trusts

Trust Attorney In Los Angeles

Estate planning is vital and trusts are one way you have to accomplish your objectives concerning this important aspect of your life. If you need to explore all the options available to you or if you've already decided on a revocable trust, the Los Angeles Law Offices of David A. Shapiro can help you achieve your estate planning goals. A trust lawyer will be happy to consult with you to see how we may assist you.

Trusts generally fall into two categories: living trusts, which are created while the person (called the grantor) is still alive and testamentary trusts, which go into effect after the grantor dies, as part of his or her will. Living trusts can be revocable, meaning they can be changed or even canceled. Irrevocable trusts cannot be changed once they go into effect.

A revocable trust, therefore, must be a living trust since the creator of the trust is still alive to change or terminate it. He or she usually serves as the trustee and the beneficiary of this type of trust and maintains control over any of the assets, property, monies, etc. that are transferred into it. Successor trustees are also named if the person becomes too ill or incompetent to carry on.

What are the advantages of a revocable trust?

One of the advantages of a revocable living trust is that it avoids having your property go through probate, which may be a long and expensive process. It also forces you to get your affairs in order and helps you manage them as you grow older. This is beneficial for both you and your heirs who will be in charge of your estate later.