When you consult a living trust attorney, Yucca Valley, CA, you will learn a lot of things about a living trust and how important it is for you (and for your beneficiary). But here are some important facts about living trust that you can learn as early as today. This can help you make the most appropriate decision about whether or not building a living trust is one of the best option you can go in crafting a solid estate plan.
So here they are:
1. Living trusts can be altered, updated, or even terminated by grantors (aka trustmakers) – Once a living trust has been set-up, you can change, update or alter the terms of the trust. Most of the time, the changes are done when a grantor acquires new assets that are eligible to put in trust. A living trust can be terminated as well by the grantor. All of these can be done for as long as one is in a mental capacity to do so i.e. for as long as you are legally considered to be of “sound” mind.
2. A living trust can be funded by different types of assets – There are a number of types of assets that can fund a living trust. These include items like real estate and home property, cash, stocks, bonds. In addition, personal properties like jewelry, fine art collections, antiques and other valuable collectibles can be added to a living trust as well. Your living trust attorney, Yucca Valley, CA, should be able to explain to you which types of assets that can be added to your trust, so no worries.
3. A revocable living trust becomes irrevocable when the grantor passes away. Meaning to say, the existing terms and assets can no longer be modified. This fact is yet another compelling reason why grantors should regularly revisit and, if needed, modify the terms of their trusts, to make sure that they are up to date and mirror their latest wishes.
4. Assets held in a living trust do not need to pass a probate process. This is primarily the reason why many are building a living trust. They want to avoid the probate process which can cost some serious amount of legal fees. With a living trust, assets can be transferred directly to the beneficiaries (according to the terms set) without spending to much and hassle.
Have more questions about living trusts? Talk to our expert living trust attorney, Yucca Valley, CA today.
Call us at (760) 365-7000
