If you’re worried about how your assets will be passed down in California, a revocable trust can give you more control over the distribution of your assets, even after your death. Establishing a trust could also help you safeguard your assets while you’re still alive and make sure you have enough finances to pay for end-of-living costs. Here’s a rundown of the people involved in a revocable trust.
Who’s involved in a revocable trust?
In estate law, every revocable trust has a grantor. This is the person who creates the trust and decides which assets to include. The grantor chooses a trustee to manage the assets and act in the estate’s best interests. You can nominate yourself as the trustee or choose someone else to handle your assets.
Revocable trusts also have a beneficiary who receives the assets. If you want to have access to your assets for the rest of your life, you could name yourself as the beneficiary. You could also name a friend or a loved one so that they can receive the assets after your death. Finally, you’ll need an estate planning attorney to write the trust document and ensure that you’re following your state’s laws on trusts.
Why do you need an attorney to write a trust document?
Establishing a trust can be a great way to protect your assets. However, if you make a mistake, you might lose access to parts of your estate or make the wrong person the beneficiary. Worse yet, the trust might not even be legally binding.
To make sure that your estate is managed according to your wishes, it’s important to hire an attorney. An attorney may create the trust document and help you figure out which assets to include.