What are Revocable Living Trusts?
There are many reasons that people choose revocable living trusts. For one, trusts avoid probates which are time consuming, a matter of public record, and expensive.
Revocable living trusts can be created to hold property for the benefit of your children (or other beneficiaries) under specific terms you desire.
Additionally, the person you choose to manage the property (the trustee) will provide the financial support for your children under the written direction of the trust instrument. While property is held in trust, the trustee can be given authority to distribute funds to provide your children with an education, cover medical expenses or provide them with their first residence.
In addition, with revocable living trusts, you can direct the trustee to distribute the entire principal or portions of it when a child reaches a certain age.
At Lester, Cantrell & Kraus, LLP we have a dedicated and experienced staff of estate planning attorneys who can assist you with designating a power of attorney, revocable living trust, last will and testament, and other important documents.
Arrange a Consultation
If you don’t yet have an estate plan, it’s time to get it done. Your death or incapacity will be emotionally traumatic for your family; don’t make it legally difficult as well. Call Lester, Cantrell & Kraus, LLP at (951) 300-2690 for a phone consultation. We also meet clients by appointment in Newport Beach.