Revocable living trusts are excellent estate planning tools. Trusts allow you to maintain control of the real estate while you are alive, while providing a great deal of flexibility for deciding how you want the asset to pass after your death. An experienced estate planning lawyer can help you decide whether to hold real estate in a revocable trust is right for your unique estate plan.
Holding real estate in a revocable trust has many advantages. Depending on the terms of your particular trust, these may include:
- If the real estate is held in the trust, it may avoid having to go through the California probate administration process, saving your loved ones time and money.
- If the real estate is held in the trust, it may provide creditor protection for your beneficiaries, depending on how the trust is drafted.
- If the real estate is held in the trust, you can outline the manner in which you would like it to pass. For example, you can allow a beneficiary to live in the trust for a stated amount of time, you can instruct that it be sold, and you can provide guidance as to who is responsible for paying the expenses of the property.
- If the real estate is held in trust, it could be used as part of an overall strategy to minimize taxes.
To learn more about whether creating a revocable trust to hold title to your real estate is right for you, contact the experienced Orange County estate planning attorneys at the Law Office of James F. Roberts & Associates, APC. Call our office today at (714) 282-7488 for a consultation.