Why Do You Need Living Trusts In Lancaster?

A Guide To Revocable Trusts In Lancaster, California

Asset protection, charitable donations, and even providing for a dependent family member can all be accomplished through trusts. While there are numerous trusts, they are divided into two groups: revocable and irrevocable.

Revocable living trusts will be discussed in this post, since they are frequently handled by one of our prescreened Lancaster Estate Planning Attorneys in California.

california living trust lawyer

What Are Living Trusts?

Living trusts are revocable trusts established while the trustor is still alive and can be changed at any time during their lives. Likewise, at any moment during their lifetime, the trustor can alter and restate the trust to make any number of changes, including:

  • The assets of the trust

  • The trust's beneficiaries

  • The distribution terms

Revocable trusts are common, but they're often difficult to understand. To be valid under California law, they must be carefully structured. To help you form a detailed revocable trust, talk with a prescreened Lancaster Estate Planning Lawyer.

What Is The Purpose Of A Revocable Trust?

Revocable trusts are a vital part of any estate plan because they do so much more than keep your assets out of the time-consuming and expensive probate process. Here are just a handful of the numerous benefits of revocable trusts:

1. Management Of Your Assets

You retain the ability to revoke assets placed in a revocable trust if your circumstances change after you put them there. This implies you can make changes to your trust when your circumstances change.

Revocable trusts are frequently used to care for loved ones who struggle with money management because you can set the parameters of the trust distributions to give the beneficiary a consistent stream of income. If the trust's beneficiary is a minor to whom you intend to provide continuous support, this is very crucial.

Inquire with your Lancaster Estate Planning Lawyer for more detailed information on managing and controlling the distribution of your assets.