Carlsbad Revocable Trusts Attorney

As you begin estate planning, a revocable trust is a great option and route you may be already considering. This type of trust allows you to dictate your wishes for your personal property and real property with the flexibility to change your choices at any time. It is a potential answer to estate planning issues that a will cannot address.

Though it is possible to create a revocable trust without a lawyer’s assistance, many situations can complicate the process. An experienced attorney like Paul V. L. Campo can help you navigate these situations and decrease the stress of creating a revocable trust. With over three decades of experience, our office can answer your questions about revocable trusts and help you complete one if you so choose.

What Is a Revocable Trust?

A revocable trust is also referred to as a living trust, inter vivos trust, or revocable living trust. It is created during a person’s lifetime, with the intent to give the creator, or grantor,control over their assets while also allowing flexibility to change their decisions. Property can be added and removed from the trust at any time by the creator; they can also change the terms and conditions of the trust at any time.Because a revocable trust is a legal entity, not flesh and blood, it maintains its effectiveness in owning and managing the property even after the creator becomes incapacitated or passes on.

The grantor may designate themselves alone as the trustee or also name a co-trustee to serve alongside them in managing the trust for the creator’s benefit. Following their death, the remaining trustee follows the directions in the trust: to distribute the trust property to the beneficiaries or manage it for their benefit.

Benefits of Making a Revocable Trust

There are many possible routes when choosing how to manage your estate. There are benefits to choosing a revocable trust that may make this method appealing to you.

• Avoid Probate: Probate is the judicial process used to prove a will is valid and is accepted as the true final wishes of the deceased. The court-supervised proceeding authenticates a will and signs off on the named Executor so they may distribute your property. This process can be time-consuming and costly, especially if you own property in multiple states that would otherwise require expensive probate in each state. Avoiding probate law also preserves your privacy since probate court is typically open to the public. In the event that you have disinherited a natural heir, having a living trust prevents them from challenging a will and possibly taking assets from your intended beneficiaries.
• Smooth Asset Transition: In recent history, we experienced many courts being closed due to the pandemic. They were unable to process wills through probate, holding assets frozen and unavailable for transfer. Bills could not be paid, homes could not be sold, and other assets could not be distributed to the intended beneficiaries. Alternatively, those with trusts were able to help their loved ones bypass the halted probate cases and secure their assets faster.
• Management Continuity: Comprehensive estate planning should not only consider how your assets are managed after your death but also how they will be managed should you become mentally or physically incapable of managing them yourself. Though a strong power of attorney may allow some continuity of management, some third parties, like banks and brokers,are easier to work with if you have a trust versus power of attorney. In the event you become incapacitated and have neither a power of attorney nor revocable trust, accessing your assets to benefit yourself or your family will require a complicated and lengthy court proceeding to appoint a conservator.
• Flexible and Alterable: Amendments and changes to the trust document can be made at your discretion while you are alive. Life circumstances will change dramatically over time, and your final plans for your property will likely also change. Marriage, divorce, the birth of a child, death of a beneficiary, a move across state lines, or a change in financial status are all potential reasons to alter a revocable trust. Assets and property can be added and removed from the trust as you choose in response to these life events.

Revocable Trust vs.Will

A revocable trust becomes effective immediately and will continue through the death of the creator until the trust has been disseminated to beneficiaries. It is a legal arrangement that involves the ownership transfer of property from the creator to a trustee, which can be the trust creator.

A will is a legal document that directs how you would like your assets distributed to heirs and beneficiaries, along with final instructions for things like child custody and funeral directions. It only takes effect at the person’s death and requires a legal process to be implemented.

Cost of Setting Up a Revocable Trust

The cost for setting up a revocable trust depends on the method you choose. Choosing to do it yourself and establish and set up a revocable trust on your own may save you some money in the short run, but there will be a significant time investment required as you research and navigate the entire process without any professional help. Guaranteeing a valid revocable trust can range anywhere from $1,000 to $3,000, depending on the complexity of your case. Scheduling a consultation with an estate planning attorney can help you get an idea of what your particular circumstances will do for the cost and how to proceed further.

Estate Planning Attorney

Creating a revocable trust is an excellent way to plan for the future while also taking care of yourself and your loved ones. Unfortunately, creating a living trust can be confusing and may require professional help. Attorney Paul V. L. Campo is experienced with creating living trusts for our clients, and we may be able to help you create a strong plan for your future and the future of your assets. Contact our office today to set up a revocable trust consultation.