Los Angeles Revocable Trust Attorney
What is the difference between a revocable & irrevocable trust?
Trusts generally fall into two categories: living trusts, which are created while the person is still alive, and
testamentary trusts, which go into effect after the grantor dies. 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.
Revocable trusts can be terminated by the grantor (the person from whom a trust is set up) at any time during his or her lifetime. Since the trust may be altered in this way, it is subject to taxation. After the death of the grantor, the trust becomes an
irrevocable trust and is passed on to beneficiaries. In order to alter a revocable trust, the grantor must carry out an amendment or amendment and restatement. An amendment and restatement will be required when the change to the revocable trust is significant. Adding a new beneficiary, eliminating a beneficiary and changing distributions to beneficiaries or to charities are all examples of when an amendment and restatement may be necessary.
The Advantages of a Revocable Trust
One of the advantages of a revocable living trust is that it prohibits your property from having to go through probate—which may be a long and expensive process. It also forces you to get your affairs in order and helps you to manage them as you grow older. This is beneficial for both you and your heirs, as they will ultimately be in charge of your estate later. For this reason, you should not hesitate to contact a Los Angeles trust attorney from our firm.
Need help with the restatement of a revocable trust in Los Angeles, CA?
A situation may have arisen that requires the restatement of a revocable trust. You may wish to discuss your options in this regard, but are not certain whether to move forward with an amendment and restatement. Regardless of the circumstances of your case, we can help. If you need assistance with the restatement of a revocable trust, do not wait to contact a trust amendment lawyer at the Law Offices of David A. Shapiro, P.C. We are committed to offering our clients the personalized attention and knowledgeable counsel they need in all matters related to trusts and wills. We represent clients throughout the greater Los Angeles area and offer a confidential case evaluation to discuss your case.
If you would like to learn more about our services, contact our offices.