Revocable Living Trusts
If you live in California and hold assets worth over $150,000, a Revocable Living Trust is a trust law document that can’t be overlooked. California probate law states that any estate valued over $150,000 that is not in Trust must be filed with the Probate Court. This means that your assets will be distributed according to the California intestacy laws- not by your wishes.
The most enticing aspect of a Revocable Living Trust is that you, typically as both the Settlor and Trustee, have the ability to account for the “what ifs.” What if I die before my children turn 18? What if I don’t want my estranged daughter to inherit from me? What if I don’t want all of my assets distributed at the same time when I die? A Living Revocable Trust gives you flexibility with regard to distributing your assets on the event of your death or incapacity. While you are alive, you, as Trustee, remain in control of the assets in your Trust, so you don’t have to worry about somebody else managing your assets- unless that is what you want.