Sacramento Revocable Trust Lawyers
A revocable trust is the centerpiece of most estate plans. By placing assets and liabilities into the trust during your lifetime, the ultimate beneficiary of those assets becomes pre-determined. When you pass away, the "trust" lives on and the testamentary provisions allow the property to transfer to your intended beneficiaries. A revocable trust is fairly simple to set-up, but there are many options. Moreover, care should be taken in choosing your trustee(s) and, in some cases, your beneficiaries. If you intend to leave property to someone other than your "heirs apparent" (meaning someone other than your children, who are the typical choice), care should be taken in drafting to ensure your wishes are respected. Similarly, the trust should be drafted carefully as to detailing individual items of property you may wish to have pass to a particular person or entity.
For larger estates, the revocable trust does more than just cleanly permit property to pass without the hassle of a probate proceeding. In those estates, it also serves a tax saving, tax deferral, or tax avoidance strategy. These strategies are especially difficult to convey without a detailed consultation regarding your particular situation.
The revocable trust is the cornerstone of your estate plan. Whether your estate dictates the use of a revocable trust or perhaps a simpler will, do not allow the fate of your children and your possessions to be determined by a document produced by a cheap software program or online offering. Rather, contact Maloof Law Group
, APC today.