Most of us will not think about this but what is a Revocable Trust? It can be called in other ways like revocable trust, inter vivos trust, or grantor trust is a way of putting it in letters on how your assets, tangible or intangible, will be managed while you are living or you are 6 feet underground."Revocable" means you can revoke or amend your trust as long as you are still competent to do so.

Should you set up a Revocable Living Trust?

GrantorYou are the creator of the trust, also called the trust maker.TrusteeThis is the middleman for the Grantor and the Trust Beneficiary.  This can be a person, an institution, or a business that will manage your assets. The trustee is responsible for the proper management of all the assets and properties under the trust contract for the sole benefit of the Trust Beneficiary.BeneficiaryThese are the people or groups of people who will benefit from all the assets and properties you have after you die. This can be your children, charity, or individuals who you appoint and put into the trust.

Who are involved?

<ul><li>Appoint your trustee and give him the legal right to manage your assets under your trust.</li><li>Make sure the trustee manages the trust's assets for your benefit during your lifetime.</li><li>Name your Beneficiaries (People or Charity)</li><li>Maintain a good relationship with your Trustee, making sure that whatever the Trustee do with your assets, you will always be on top of his / her mind.</li></ul>

How does Revocable Living Trust work?

<ul><li>You can revoke your trust if you are unsure of the beneficiaries you once declared</li><li>The legal process for appointing a person that will take over with your assets/properties will be seamless because you already appointed a Trustee under legal implications.</li><li>Your Revocable Living Trust can avoid Probate which is both expensive and time-consuming</li><li>Trustees can manage their Assets as it grows under the Revocable Living Trust Contract.</li></ul>

Advantages and Benefits

A revocable living trust allows your heirs to avoid probate entirely and keeps you in complete control of your finances while you're alive. You can always make changes to what's in the trust and to how you'd ultimately like it managed or disbursed.

It will open the eyes of people about planning ahead of time, so in case something bad happens, they have plan B.

Understanding the essentials of a revocable living trust in California is a good foundation for a well-established estate plan.

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Revocable Living Trust California | Wills and Trusts | Crider Law Group

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Revocable Living Trust California | Wills and Trusts | Crider Law Group

9 Best Social Media Platforms for Business Lead Generation | My Cloud Crew

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