Estate Plan (Living Trust) for Individual

What is a revocable living trust?

A living trust is a legal entity created to own your assets during your life and distribute them to your beneficiaries at your death. Unlike a will, a living trust avoids probate court jurisdiction and is administered privately, without the need for court supervision or approval. Any California resident with children or who owns property, should have a living trust. The “Trustor” of the trust (the person who creates the trust) nominates a “Successor Trustee” to manage and distribute the property after their death, according to the trust’s specific terms and conditions. So long as the Trustor is living and has mental capacity, he or she can change the terms of their revocable living trust.

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Are there different kinds of trusts?

A trust may be “living,” meaning it is created and controlled by the Trustor during his or her life and distributes property outside of probate court after death. A trust may be “testamentary,” meaning it is created by a probate court according to the terms of a will. A trust may be “revocable” or “irrevocable”- a revocable trust can be changed but an irrevocable trust cannot. A trust may be specially created for your family, a charity, a person with a disability, or even a pet.

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