A revocable living trust may be established to determine who will get what of your assets when you pass away. It may be beneficial for you to make your living trust revocable, in case you wish to change or revoke the trust at any point. Revocable living trusts are known as living trusts, because they are created while you, the grantor, are still alive.
The property you wish to transfer into the trust must be included in a list with the trust document. Property that is titled under your name, however, must be retitled in the name of the trust. To ensure that your title is correctly transferred over, contact a San Jose estate planning attorney from the Law Offices of Timothy D. Henry. Assets in trusts that are not properly transferred may have to go through the probate process.
An irrevocable trust cannot be changed or canceled once it is established. Grantors can remove assets from a revocable trust, change the trust’s terms, and revoke it at any time. Revocable living trusts allow grantors to have flexibility and control over their assets and property in the trust while they are alive. Once the grantor passes away, the items in the trust may be transferred to beneficiaries or beneficiaries’ trusts without being subject to the probate process.
Funds in a trust may be used to fund children or grandchildren’s education, as well as provide for a spouse if the grantor should pass away before them. Trusts, unlike wills, are private documents, and will never be viewed by a person who is not included in the trust. Revocable living trusts may also support you and your family if you become unable to work, or require long-term care.
Revocable living trusts are ideal for those who wish to control assets placed in a trust, and for individuals who want help their family members avoid probate on said assets. Are you searching for an experienced attorney to set up a revocable living trust in San Jose? I have the ability to create any type of trust for my clients, and can recommend the kind of trust best suited for their needs.