Revocable Living Trust (“RLT”)

The California Probate Code, which governs Intestate Succession and the enforceability of Wills, represents a lack of control and court intervention that almost no one wants. This does not meet our definition of proper estate planning. We define proper estate planning as being: in control of your life and your assets while you are alive and well. If you should become sick or disabled you should be cared for by the people you have selected in a manner you have prescribed, all the while knowing that your loved ones are being well cared for. When you die you should be able to give what you have to whom you want in the way that you want. Finally, you should know what the settlement costs of your estate are and be able to save every last dollar in court costs and taxes.

A revocable Living Trust (“RLT”), when properly prepared and funded with the assets that can be held in trust, will avoid the court ordered distribution of assets (the probate process), and will serve as the corner stone of proper estate planning for everyone. In addition, for those individuals that are married, an “AB” or “ABC” RLT allows for basic estate tax planning.

An RLT is a contract which appoints a "trustee" to administer the property contained inside the trust. After the creation and establishment of your RLT, your assets are transferred into the name of your RLT. The transferring of assets into an RLT is called the “funding” of the trust. All assets, including, but not limited to real property, bank accounts, stocks, bonds and CD’s, that have title need to be re-titled into the name of the RLT in order for the trust to avoid probate.

When drafting your RLT, with our assistance, you will create detailed instructions regarding how you and your family are to be taken care of during your lifetime, thereby avoiding lifetime probate or conservatorships, as well as how the trust property is to be managed and eventually distributed. While you are alive, you can serve as the Trustee of your RLT, maintaining control of your assets and receiving the benefits of them and their income. However, the benefit of your RLT is that you have already determined who will take over responsibility as Trustee when and if you become sick or disabled or when you die and how they must carry out your wishes regarding distribution of the assets.

There are various forms of Trusts, a few of which are:

To discuss a estate planning matter confidentially or for information, please contact Danny Wexler, Attorney at Law @ (714) 241.1919 or email d.wexler@qwllp.com.