Revocable Living Trusts
Reliable Oakland Trust Lawyer
living trust is a trust that is created when the settlor (the person who created the
trust) is still alive. The most common living trusts are revocable. This
means the trust can be altered or even revoked by the settlor while he
or she is still alive. In most cases, a revocable living trust becomes
irrevocable upon the death of the settlor.
Advantages of Living Trusts
- Avoidance of probate for the assets held in the trust. Instead of having
a court enforce the provisions of a will, the trust can be set up to transfer
assets immediately upon death, without the interference of a judge and
the associated fees.
- By clearly setting out property and beneficiaries, the trust mechanism
avoids having to rely upon an executor, as would be the case with a will.
The transfers of assets are also private, whereas probate is a public process.
- A revocable trust can have an incapacity clause that allows financial matters
to move forward even if the settlor is still alive but incapable of handling
his or her financial affairs. This avoids having to pay thousands of dollars
to have someone declared legally incompetent so that necessary decisions
can be made.
- Flexibility. The trust can be modified while the settlor is still alive,
allowing him or her to alter it to meet changing conditions. If the dynamics
of the family changes, this will require changes in the trust.
Want to hear more about the advantages you could gain from a revocable
living trust? Call (510) 328-4005 to set up a free initial consultation
with an Oakland trust attorney.
My Role at the Law Offices of Steven M. Simrin Law
I am both a trust attorney and a CPA. I've had the training and professional
experience to evaluate and advise my clients on the legal and financial
aspect of trusts. I have over
20 years of experience in the field, guiding you to determine which type of trust best fits your circumstances
and meets your unique concerns. I offer not only trust creation, but also
trust management and administration and will defend the trust should a
legal challenge or dispute arise.
Trusts can be complex and confusing. With my advice and counsel, you can
be assured that your wishes will be adhered to, even when you are not
able to manage your affairs. If you are unsure what type of trust is right
for your circumstances, please reach out to my firm today to discuss this matter.
Trust in an experienced Oakland and Alameda County
lawyer to help you carry out your wishes.