A Vanguard Revocable Trust protects your estate while empowering you to create a positive and lasting impact on the lives of those you cherish.
We have never written a Trust that went to Probate, and most Trusts we draft are Revocable Trusts.
A Revocable Trust, also known as a Living Trust, is a legal arrangement in which an individual (the grantor or settlor) transfers assets into a Trust during their lifetime.
The Trustor remains the owner of these assets and can amend, modify, or revoke the Trust at any time while they are still alive.
A Revocable Trust can provide significant benefits.
It offers a flexible and private way to manage and distribute your assets during your lifetime and after your passing.
By avoiding the public Probate process, you can streamline the transfer of your assets, saving time, reducing costs, and protecting your family’s privacy.
A Revocable Trust can also help you plan for potential incapacity, ensuring that your wishes are carried out, even if you cannot make decisions for yourself.
In California, if you pass away with assets valued over $184,500 not held in a Trust, California law will require a process called Probate.
Probate is a Court Proceeding initiated by your family or creditors. This includes proceeding determines:
1. The Existence and Validity of a Will: Was a Will validly executed? What are the Terms of the Will?
2. Financial Obligations: Are there any debts or taxes to be paid?
3. Asset Valuation: What is the total value of the deceased’s Estate?
4. Heirs and Beneficiaries: Who are the rightful inheritors of the Estate?
The California state court oversees this process, which can be slow, time-consuming and expensive. After all creditors, taxes, probate court expense, attorney fees, and other liabilities have been paid, then the remaining assets are distributed to the beneficiaries named in a Will, or to the heirs as determined by law if there was no Will.
In many instances, Probate is initiated by family members when real Estate is involved.
After you pass away, a Successor Trustee, designated by you in your Trust document, will be responsible for managing your assets.
This Successor Trustee (an individual or entity) will distribute your assets according to your wishes, pay any outstanding debts, and ensure your beneficiaries receive their inheritance.
Choosing a Successor trustee who is trustworthy, reliable, and capable of handling your Estate’s financial and legal aspects is crucial.
A Revocable Trust allows for the seamless transfer of assets to beneficiaries without Probate, the legal process of validating a will.
A Revocable Trust is a private document allowing you to maintain privacy and address your affairs outside the court system.
A Revocable Trust allows for continuous access and maintenance of your Trust assets during your incapacity.
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