Palmer Rodak & Associates
Palmer Rodak & Associates
Certified Family Law Specialists State Bar of California Board of Legal SpecializationServing your Community for 19 Years
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How can I guide my inheritance?

One reason Californians work hard is the desire to give their children a better life. For those with children who haven’t learned to manage their own money well, it may be a concern that their hard-earned money will not last long after they die. One solution is to establish a revocable living trust.

Investopedia explains that this type of trust can replace a will in distributing your assets following your death. An RLT lets you move holdings over throughout your life and also enables you to bypass probate in a process that is a quicker, less expensive transfer of assets. When you put property into a trust, whether it is real estate, savings or another type of investment, you no longer own it. Therefore, it does not need to go through probate. There are a variety of additional advantages to establishing an RLT, including the following.

  • Privacy: Documents in a will become public when they go through probate. If you have sensitive information or family records that you prefer to remain private, a trust allows that.
  • Asset management: Engaging a professional to manage and grow your assets as a trustee can help ensure you leave heirs with a financial cushion, as you are hoping.
  • Flexibility: You are still able to control assets in the trust while you are alive and change the document.
  • Separate assets: For couples with property acquired individually before marriage, an RLT can help keep those assets separate from community property and therefore, not subject to the same inheritance rules.
  • No disputes: Surviving family members can challenge a will or portions of it. A trust allows you to distribute your wealth as you see fit.
  • Control guardian spending: If you have minor children, a trust can limit what the guardian of it spends. You can also use it to give the trustee control of your finances, as well as the trust, should you become incapacitated without having to obtain a durable power of attorney.

Some of the drawbacks of establishing an RLT include having to do some up-front work, such as re-titling property. You will also have to monitor the trust and make changes as needed with changing life circumstances, including divorce or the birth of a child. You will also have to pay for the ongoing management and modifications made to the trust as well.

This information is of a general nature and is not intended to be legal advice.

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Palmer Rodak & Associates
Certified Family Law Specialists State Bar of California Board of Legal Specialization

Del Mar Office
445 Marine View Ave Ste 300
Del Mar, CA 92014

Phone: 858-356-4568
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Oceanside, CA 92054

Phone: 760-712-3889
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