Revocable Trust Attorneys in California

Experienced Attorney Skilled in Creating Revocable Trusts for Clients Throughout Southern California

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Trusts can be used to accomplish any number of purposes, from asset protection to charitable giving and even providing for a family member with special needs. While the varieties of trusts can seem endless, all trusts essentially fall into two primary categories: revocable and irrevocable trusts. Revocable trusts are also known as living trusts, because they are created while the trust creator, or “settlor”, is alive and can be changed throughout his or her lifetime. Revocable trusts generally only become irrevocable once the trust creator has died, and the beneficiaries obtain their final interests in the trust. During the life of the trust creator, he or she has the right to amend and restate the trust to make any number of changes, including with respect to:

• The assets that fund the trust,
• The trust beneficiaries,
• The distribution terms, and
• The identity of the trustees.

Although revocable trusts are extremely common, they are also complicated and must be carefully drafted in order to be valid under California law. At the Law Offices of Darrell C. Harriman, I have over four decades’ worth of experience successfully creating revocable trusts for clients. I understand the complexities and useful variations in the revocable trust structure and am here to provide in-depth legal advice for all of your trust-related needs.

Revocable Trusts Provide Crucial Planning Benefits

Revocable trusts are an important part of any estate plan but can do much more than simply ensure that your assets escape the lengthy and expensive probate administration process. Some of the many benefits of revocable trusts include:

• Asset Control. Once you have placed assets in a revocable trust, you retain the power to remove those assets if circumstances change.
• Beneficiary Control. Revocable trusts are often used to provide for loved ones who have trouble with money management because you can specify the terms of the trust distributions to provide the beneficiary with a steady stream of income. This often becomes useful when the trust beneficiary is a minor for whom you wish to provide support during your lifetime.
• Providing for Yourself. Revocable trusts can be used to provide a steady stream of income to yourself during a period of time when you are disabled or incapacitated. Rather than go through the lengthy and expensive legal process of having a conservator appointed by the courts, your revocable trust can kick in immediately to begin funding your expenses.
• Privacy. Revocable trusts are generally not a matter of public record during your life. This means that the terms and funding mechanisms with respect to the trust remain completely private until your death, when they may then become a matter of public record.
• Probate Avoidance. Probate in the state of California can take years in more complicated cases and can be extremely expensive. Placing assets in a revocable trust means that those assets will pass directly to the trust beneficiaries and will be controlled by the trustee upon your death, bypassing the probate system entirely.
• Ease of Creation. Revocable trusts are relatively easy to create, because they can be changed at will during your life. Despite this, California does impose detailed rules, so speak with an attorney before assuming that your revocable trust is valid.
• Out-of-State Property. Revocable trusts can hold property held in other states. This can allow your beneficiaries to avoid the need for probate administration of those assets in multiple states.

Despite the many benefits offered by the revocable trust structure, it is also important to remember that these trusts do not serve all planning purposes. For example, because you retain control over the trust assets, you will continue to be responsible for income taxes on the trust property. Those assets will also usually be included in valuing your gross estate for estate tax purposes. In some cases, your creditors will be able to reach the trust assets, meaning that revocable trusts are not the best mechanism for asset protection.

Why Choose The Law Offices of Darrell C. Harriman to Draft Your Revocable Trust

Since 1980, I have helped clients with drafting revocable trusts designed to accomplish your specific planning goals. Revocable trusts are often preferential to irrevocable trusts because they allow you to retain control over the trust terms during your lifetime, and also control the eventual asset disposition after your death.

Meet Darrell C. Harriman

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