A revocable living trust is created by an individual the grantor for the purpose of holding their assets and property and in order to dictate how said assets and property will be distributed upon the grantor s death.
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Unlike a will a trust does not go through the probate process with the court.
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Therefore the person that is selected as the successor trustee will oversee that all the property in the trust will transfer to the beneficiary at the time.
The grantor maintains ownership over their assets and they can make alterations to the document or choose to revoke the trust at any point in their lifetime.
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The california revocable living trust is a document that allows a grantor to specify how his her assets and property should be managed during their lifetime and after their death the assets designated to the trust may be managed by the grantor only if the grantor chooses to act as trustee person responsible for maintaining the trust however this option is only available with a revocable trust.
In 2010 a decedent s executor has the option to pay estate taxes subject to the 5 million exemption or opt out of estate taxes all together and instead be subject to the modified income tax basis adjustment rules under irc section 1022.
A living trust is a document that allows individual s or grantor to place their assets to the benefit of someone else at their death or incapacitation.
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