Revocable Trust in California Estate Planning
Revocable Trust in California Estate Planning A revocable trust, also known as a revocable living trust or inter vivos trust, is an essential component of an estate plan for California residents. This type of trust allows you to transfer ownership of your assets to the trust during your lifetime, retain control over those assets as the trustee, and ensure that your assets avoid probate upon your death. Understanding the Flexibility of a Revocable Living Trust One of the significant advantages of a revocable living trust is its flexibility. Unlike an irrevocable trust, a revocable living trust can be changed or terminated at any time, giving you complete control over your estate. This flexibility is particularly beneficial because it allows you to adjust the terms of the trust as your personal and financial circumstances evolve. However, it's important to note that upon your death or incapacity, the terms of the trust become irrevocable, meaning they can no longer be altered. Combin...