As with any element of estate planning, trusts can be highly beneficial for a family of either modest or substantial assets in Los Angeles that are looking to manage said assets. There are a variety of trusts that can be of great benefit for a settlor, which is the person or entity that establishes the trust, depending on their needs.
Revocable Living Trusts
The most common type of trust is a revocable living trust. This is a trust in which the individual or entity that establishes the trust is eligible to alter the terms of the trust and continue to manage the assets while living. By including real estate or a family-owned business into a revocable living trust, an individual is able to prevent the property from entering a probate estate.
Amending a Living Trust
It was previously touched on that, in a revocable living trust, an individual can make changes to the terms of the trust. So what is the best way to go about that? The most common manner to accomplish this is often an amendment. This can change a portion of the trust while leaving the rest as is. However, if the settlor decides to make too many amendments, things can become convoluted and an entirely new trust could need to be drawn up.
Every trust is unique, but an experienced estate planning attorney can assist a settlor in both establishing a trust and then modifying said trust if necessary. The important thing is to make sure that if a trust is altered, it is done in a legally enforceable manner. Failing to do so could result in disputes and the wishes of the settlor could become legally unenforceable. An experienced estate planning attorney can help alleviate such complications. Contact us today!