Revocable Living Trusts
This type of Trust is also known as a "living" Trust. This means that the Trust can be changed anytime while you are still alive.
What is a Trust?
A Trust is a written agreement that creates a different way of holding title to your property. You transfer title to your property to a Trustee who manages your property on your behalf (someone you trust). While you are still alive and able to manage your own affairs, you will be the initial Trustee. If you are married, you and your spouse will usually be Co-Trustees and your Revocable Trust will hold title to your community property.
A Revocable Trust provides your instructions to your Successor Trustee about how you want your assets to be managed when you are alive and after your death.
A Trust is effective while you are alive and after you pass away. A Successor Trustee that you nominate will be able to step in to manage your property for you, if you are unable to; and a Successor Trustee will be able to manage your assets after your death, pay any taxes and debts, and distribute your assets.
In California, one of the big benefits of a Trust, for estate planning purposes, is that your estate can be administered without Court approval. This can save substantial time and reduce the fees that will be incurred to pay for the Successor Trustee's and Attorney's time.