Irrevocable Trusts: When They Become Irrevocable
You may have heard of the term irrevocable living trust, but the irrevocable part doesn’t necessarily come into play until later. Here are the elements of California law that you need to know regarding this popular form of estate planning.
- You are usually the trustee of your own living will. You select a successor trustee to care for the trust if you die or become incapacitated.
- You can designate the trust as irrevocable, even while you are alive. However, most people do not do this because they want to maintain full control over the trust while still alive.
- When you die, the trust becomes irrevocable. Your successor trustee cannot revoke the trust on your behalf.
An irrevocable living trust gives you control and benefits while alive and creates a good environment for your beneficiaries when you pass away since the trust does not have to go through probate. These are the primary reasons that people choose this method of estate planning.
San Diego Estate Planning Attorneys
If you are planning for your future in the state of California, please contact the experienced estate planning attorneys at Petrov Law Firm by calling 619-344-0360 today. We can help you to take control of your estate and dispense it according to your wishes. Planning for the future is important, and we want to help you ensure that your wishes are carried out properly. Whether you are starting your first estate plan or revising an existing one, contact Petrov Law Firm for the legal advice you need.