Santa Clara Estate Lawyer: How to Make a Revocable Living Trust

A revocable living trust protects your privacy, avoids probate, and determines who will handle your affairs while you’re incapacitated and after you’ve passed away. It’s an essential element for estate plans as it provides an extra layer of protection to your estate and gives you the peace of mind that your wishes will be carried out. Here are some things a Santa Clara estate lawyer will ask you to consider when making a revocable living trust:

Get Clear on Your Goals and Desires

There are many estate planning goals that a revocable living trust can help you achieve. If privacy is a main concern, then a revocable living trust will keep your affairs out of court and ultimately out of the public record. It will also help your family move more quickly through the estate settlement process, which can otherwise take years. Decide what your priorities are so that your attorney can draft a trust that best meets your unique needs.

Choose the Assets That Will Go into Your Trust

This process is called “funding,” and it looks a little different for everyone, depending on the assets you own. Most people put their house in a revocable living trust, but they may include different financial accounts as well. Savings and checking accounts are generally put into revocable living trusts so they won’t have to go through probate. Trusts can also be named as beneficiaries of retirement accounts and insurance policies to ensure a smoother transition if there are minor children or loved ones with special needs involved.

Pick Your Successor Trustee

A successor trustee is responsible for handling your affairs if you ever become incapacitated, as well as the administration of your estate once you pass on. The successor trustee may also manage property or assets left to minors in your trust. It is important to carefully choose a person (or even a professional trust company) who will best carry out your wishes. 

Choose Your Beneficiaries

It’s your decision whom you want to leave a financial legacy for in your revocable living trust. If you choose to leave out a family member who expects to receive an inheritance from you, you may want to leave behind a letter that provides an explanation of your wishes, or better yet, discuss your decision with them before you pass away.

Find an Experienced Santa Clara Estate Lawyer to Draft Your Revocable Living Trust

DIY trusts and cheap alternatives are often inadequate and do not hold up under court scrutiny. That’s why it’s important to find an experienced estate attorney to draft your trust. You’ll have peace of mind knowing that it’s done correctly, and your wishes will be carried out.

If you have any questions about setting up a living trust, or if you’d like to have your existing living trust reviewed in order to make sure it is set up properly for your situation, please contact us at (650) 422-3313 to schedule an appointment with a Santa Clara estate lawyer.