Three Things You Should Know About Irrevocable Living Trusts
An irrevocable living trust is just one of the many ways that you can choose to leave assets to your heirs. This is a popular option for a number of reasons. Here are three things you should know about irrevocable living trusts.
- They can help you avoid probate – Trusts are cared for by a successor trustee who is designated to take care of the trust and make sure your beneficiaries get the money faster and without court fees.
- You can be the trustee while alive – This means that you can make changes to the trust on an ongoing basis (unless you choose to declare it irrevocable while still alive). This makes a living trust a popular option for people who want to be able to control what goes into the trust and who the beneficiaries are.
- The trust becomes irrevocable at death – While a trustee has a little more leeway with a regular trust, an irrevocable trust is set once you die. The successor trustee will carry out your instructions for distributing the trust in the amounts and to the individuals set forth by you.
Planning Your Estate in Chula Vista and North County
Petrov Law Firm has the experienced estate planning attorneys that Chula Vista and North County residents can trust. Start planning for the future of your family now, or have our attorneys look over your existing trust to see if it can be structured in a better manner. Call 619-344-0360 to get started and see the benefits that come from having seasoned estate planning lawyers in your corner.