When you consult a living trust attorney, Oceanside, CA, you will learn a lot of things about a living trust and how it can benefit you (and your heirs in the end). But here are some important facts about living trust that you can learn as early as today. This can help you decide on whether or not having a living trust should be part of your overall strategy to establish a solid estate plan.
So, here are some of the things to consider:
1. Living trusts can be modified 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. Usually, the changes are done when you, the grantor, acquire new assets that can be put to the trust. In addition, a living trust can also be terminated by the grantor -- all of these can be done for as long as you have the mental capacity to do so i.e. you are still legally considered to be of “sound” mind.
2. A living trust can be funded by different types of assets -- There are several types of assets that can fund a living trust. These include 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, Oceanside, CA, should be able to explain to you which types of assets to add, so no worries.
3. A revocable living trust becomes irrevocable when the grantor passes away. A revocable living trust automatically becomes irrevocable once the grantor dies. In other words, the existing terms and assets can no longer be modified. This fact is yet another compelling reason why you should regularly revisit and, if needed, modify the terms of your trust -- to make sure that it is up to date and mirrors your latest wishes.
4. Assets held in a living trust do not need to pass a probate process. This is the primary 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 your beneficiaries (according to the terms you set) without spending too much hassle.
Have more questions about living trusts? Talk to our expert living trust attorney, Oceanside, CA today.