Revocable Living Trust
Revocable living trusts are created during people’s life times, rather than after they pass away, in order to hold and manage certain property and assets. The person who develops a revocable living trust is referred to as the grantor or settlor, and the individual who manages the trust is known as the trustee. For revocable living trusts, the grantor usually serves as the trustee, deciding what assets should be used to fund the trust and how the trust will be administered.
At the Law Offices of Darrell C. Harriman, our North Hills and San Fernando Valley revocable living trust attorney has been helping his clients develop and administer revocable living trusts for more than three decades. While he has the experience necessary to help each of his clients devise comprehensive, effective trusts, he also has the dedication, integrity and skills his clients can rely on to develop the best estate planning solutions for them.Benefits of Setting Up Revocable Living TrustsSetting up revocable living trusts can provide various benefits to the grantors and their families, only some of which can include:
Avoiding probate – After the settlor passes away, the property and assets held by a revocable living trust will not have to pass through probate and, instead, will be distributed to the appropriate beneficiaries (who have been named in the trust documents) by the successor trustee. This can minimize beneficiaries’ stresses and costs while allowing them to gain ownership of some property or asset sooner than if they had to wait for the conclusion of the probate process.
Maintaining privacy – While wills become matters of public record when they pass through probate, trusts will not become public because they don’t have to be probated. This ends up meaning that a settlor can maintain his and his family’s privacy, and this can be an especially appealing option for families that may be in the public eye and/or that may have substantial assets.
Reducing estate tax obligations – Estate tax obligations can be substantial after someone passes away, and revocable living trusts can be devised so as to minimize these tax obligations and to ensure that the majority of a trust’s assets go to the beneficiaries (rather to government entities).
Meeting the estate planning needs of a blended family – When families include children from previous relationships, revocable living trusts can include terms that provide for each of these children, including those who may still be minors.
There can be other benefits to setting up revocable living trusts, based on a person’s specific situation and wishes, so contact a trust attorney at the Law Offices of Darrell C. Harriman to learn more about your options and how these types of trusts may benefit you and your family.San Fernando Valley Revocable Living Trust Attorney at the Law Offices of Darrell C. Harriman
Are you ready to set up a revocable living trust? If so, the trusted San Fernando Valley revocable living trust attorney at the Law Offices of Darrell C. Harriman is ready to meet with you. For more than 34 years, our San Fernando Valley revocable living trust attorney has been dedicated to providing his clients with personalized, highly responsive service, as well as superior representation for their important estate planning matters.Contact Us Today
Let’s talk about your estate planning needs today. You can contact our firm by calling (818) 892-7093 or by filling out the contact form on this page.
From our offices based in North Hills, we provide the highest quality legal services to our clients throughout the San Fernando Valley, Simi Valley, and the greater Los Angeles area.