Do I Need A Revocable Trust In Palmdale?

The Benefits Of Getting A Revocable Trust In California

Trusts can be used for various objectives, including asset protection, charity, and even providing for a dependent family member. While there are many different types of trusts, they fall into two categories: revocable and irrevocable.

This post will discuss revocable living trusts as they are often handled by one of our prescreened Palmdale Estate Planning Attorneys in California.

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Living trusts are revocable trusts that are created while the trustor is still alive and can be modified at any moment throughout their lifetime. The trustor has the power to revise and restate the trust at any time during their lifetime to make any number of modifications, including:

  • The trust's assets

  • Beneficiaries of the trust

  • The terms of distribution

Revocable trusts are ubiquitous, but they're also complicated. They need to be carefully constructed to be valid under California law. That said, consult with a prescreened Palmdale Estate Planning Lawyer to help you create a thorough revocable trust.

Why Create A Revocable Trust?

Revocable trusts are a vital aspect of any estate plan, and they do so much more than just keep your assets out of the time-consuming and costly probate process. The following are just a few of the many advantages of revocable trusts:

1. Asset Management

If your circumstances change after you place assets in a revocable trust, you maintain the ability to revoke those assets. This means you're able to update your trust depending on your current circumstances.