top of page

What Are Revocable Living Trusts For?

Updated: Dec 26, 2022

A Guide To Revocable Living Trusts In Beverly Hills, California

As we grow older, the more important it is to start managing our assets. Not only for your own good but also for the possible future beneficiaries. That said, managing your assets doesn't have to wait until you're too old to do so.

While you're alive, you can establish a revocable living trust to help you get things started. Here's a quick guide on revocable living trusts, how they're funded, and what happens to them when you die.


estate administration attorney

Types Of Trust


There are different types of trust, including:

  1. Basic trust. Has three positions with different roles:

    1. Grantor entrusts property to the trustee for the benefit of the beneficiary

    2. Beneficiary is entitled to the property's benefits

    3. Trustee receives property from the grantor and oversees its management for the benefit of the beneficiary

  2. Testamentary trust. A trust is established in a will.

How Does the Trust Get Funded?


A living trust functions while the grantor is still alive. In a revocable trust, the grantor (or owner of the assets) can amend the trust's provisions or terminate it at any time.


A legal document can be used to establish a living trust, which includes instructions on the following:

  • Who do you wish to leave your assets to (subsequent beneficiaries)

  • Who will manage your assets

  • How they will be managed and distributed if you become unable to handle them (alternate trustees)

estate planning attorney

After you (the first trustee) pass away, the trust document will contain instructions on administering the property.


Each trust is required to handle specific property stated in the trust document.


After establishing a living trust, the next step is to transfer assets into the trust, such as bank accounts, real estate, and stocks. Because you are the original trustee, these assets stay in your control after the transfer.

For any confusion, consult with a Beverly Hills Estate Planning Lawyer in California to help you.

What Happens To Your Assets After You Die?


After you die, your co-trustee or successor trustee will execute your trust's instructions, distributing and managing your assets to benefit the named beneficiaries.


People and organizations—such as family members, friends, religious organizations, and educational institutions—can benefit from a living trust.


The assets in your living trust will be taxed at both the federal and state levels.

Remember that, depending on the amount of your estate, your attorney can include provisions in your living trust to help decrease or even eliminate taxes. If avoiding federal estate taxes is your foremost priority, you might wish to consider an irrevocable trust as an alternative.


california estate administration lawyer

Bottom-line


A revocable living trust can be a valuable estate planning tool for preserving control over your assets; while you're alive and after you pass away. In addition, a living trust can be used instead of a will to allow for significant life changes like marriage, divorce, and having children.


When your estate is finalized, a living trust can also assist you in reducing or eliminating probate and administrative costs.

In addition, an expert Beverly Hills Estate Planning Lawyer may decrease estate costs and avoid unnecessary federal and state taxes by establishing a living trust.

1000Attorneys.com is a California Bar Association Certified Lawyer Referral Service that can refer you to an Estate Planning Attorney that's fit to handle your unique case.

You may contact us via our 24/7 live chat (or fulfill our case submission form) for a free initial consultation.

Best Lawyers Near Los Angeles

California State Bar Certified Lawyer Referral And Information Service

Welcome to 1000Attorneys.com, a Lawyer Referral and Information Service certified and approved by the California State Bar.

"Our commitment is to provide you with unbiased and impartial lawyer referrals."

 

Unlike other services, we maintain complete independence from the lawyers receiving these referrals, ensuring transparency and fairness.

While we specialize in California employment law and personal injury claims, we offer our referral services for various other legal areas.

 

At 1000Attorneys.com, we aim to ensure you are connected with best California attorney near you who can provide comprehensive and exceptional representation for your specific legal needs.

 

We understand that every legal situation is unique and are dedicated to finding the best match for you.

 

With our extensive network of attorneys, we strive to deliver outstanding legal support and guidance tailored to your individual requirements.

At 1000Attorneys.com, we hold California attorneys to the highest standards of professional conduct.

 

Your satisfaction and confidence in the legal representation you receive are paramount to us.

 

Rest assured that when you engage in our services, you can expect nothing less than exceptional legal support and guidance.

Why Lawyer Referrals Matter

 

The California State Bar investigates on average 16,000 complaints of professional misconduct by attorneys annually.

We conduct due diligence by researching and recommending the best local attorney for your case. 

 

Our team of experts verifies that attorneys are in good standing and have the required experience in the type of law related to your legal issue. 

Learn more about attorney discipline here.

 

Our History 

 

Since 2005, we have been dedicated to helping individuals find reliable legal representation in California.

 

We understand the challenges people face when trying to locate reputable lawyers, especially when inundated with self-promoting advertisements and biased marketing from law firms.

 

At our service, we strive to cut through the noise and provide a trustworthy and unbiased platform for connecting individuals with reputable California lawyers.

 

Our clients receive quality legal representation without the frustration and uncertainty often associated with legal advertising.

How the LRS Works 


Anyone seeking competent and honest legal representation in California, can request a FREE lawyer referral. 

Once you submit your case details online, our legal 24-hour legal department will review your claim and reply via email. Most cases are reviewed and answered within 15 minutes. 

 

A free 30 minute consultation with the attorney will be offered to each referred client. 

A representative will follow up a few days later via email with the client after receiving a referral for quality management purposes, or to obtain the status of the case. 

About lawyers from our network


California lawyers in our network are insured, in good standing with the California State Bar, and have substantial experience in their practice area.

 

Attorneys are available in most areas of law throughout Southern California. Every lawyer in or network has been vetted for:

  • Credentials

  • Education

  • Communication skills

  • Performance

  • Client reviews

  • Fair legal fees

  • Continuing education

  • Professional affiliations

Additionally, we conduct criminal  background checks and attorneys are always monitored by our service.  

How to find the best lawyer for your legal case: 

1. The fastest way to have your legal issue reviewed by one of our attorneys is to send your details online.

 

Your information will go directly to our 24 hour legal department bypassing our call center. You will get a reply via email within 15 minutes. 

2. You may also inquire about your legal issue via email. We respond to email inquiries within 24 hours M-F. 

3. By calling our lawyer referral hotline 661-310-7999. However, our agents are not attorneys and cannot provide legal advice. Due to high call volumes, it's highly recommended that you use option # 1 above. 

 

Simple Retro Handyman Service Badge Logo-2.png
bottom of page