You have most likely heard of a living trust. You have probably also heard that they are only for the ultra-wealthy. That is not true—many people could benefit from a revocable living trust. Think about this: What happens to your assets when you are gone? If you have not made a plan, your loved ones may face months—or even years—of probate court proceedings. That is where a revocable living trust comes in.
A revocable living trust allows you to maintain control of your assets while you are still living, and it also means that your assets pass smoothly to your beneficiaries when the time comes. It is a flexible, powerful tool for estate planning that many people use to avoid probate and keep their financial affairs private. At Amity Law Group, our qualified trust attorneys help families create revocable living trusts in Covina that offer both protection and peace of mind.
What Is a Revocable Living Trust?
In Covina, a revocable living trust is like a treasure chest that holds the assets you place inside it. Unlike a will, which only takes effect after you pass away, a living trust is active as soon as it is created.
The biggest benefit? You stay in control. As the trustee, you can add or remove assets, update beneficiaries, or even dissolve the trust if your circumstances change. Additionally, because it is revocable, you are free to make adjustments as needed.
Why Choose a Revocable Living Trust?
You might be thinking, what is the difference between a last will and testament and a revocable living trust? Granted, a will is an important part of estate planning, but it does not provide the same level of protection and convenience as a trust. Many people in Covina choose a revocable living trust because it:
- Avoids probate—unlike a will, assets that are held by the trust do not have to go through probate, meaning assets transfer directly to beneficiaries
- Maintains privacy—while probate is a public process, meaning anyone can see what assets you left to your beneficiaries, a trust keeps your financial affairs private
- Prepares for incapacity—if you become unable to manage your finances, your successor trustee can step in without court involvement
- Allows for faster distribution—without probate, your heirs receive their inheritance much sooner
If you own property, have significant assets, or want to make things easier for your family, a revocable living trust could be the right choice.
How Does a Revocable Living Trust Work?
Creating a revocable living trust involves a few important steps. Here is how the process works:
- Draft the trust agreement—with the help of an estate planning attorney, you outline the terms of the trust, including who will inherit your assets
- Transfer assets into the trust—also known as “funding” the trust, your home, bank accounts, investments, and other assets must be re-titled in the trust’s name
- Choose a successor trustee—this person will manage the trust after your passing or if you become incapacitated
- Update the trust as needed—since the trust is revocable, you can modify it as your life circumstances change
At Amity Law Group, we guide our Covina clients through each step, ensuring their revocable living trusts are properly set up and aligned with their estate planning goals.
Contact a Covina Attorney To Find Out if a Revocable Living Trust Is Right for You
If you want to avoid probate, maintain privacy, and ensure a smooth transfer of assets, a revocable living trust is worth considering. However, every situation is different. The best way to know if a trust is right for you is to consult with an estate planning attorney who could assess your unique needs.
At Amity Law Group, our attorneys help individuals and families create personalized estate plans that protect their assets and ensure their wishes are followed. Contact us today to learn more about revocable living trusts in Covina and get started.
