What’s special about California residents?
California residents may inquire with their estate planners or tax advisors about creating a revocable living trust. When you set up a living trust to transfer your property to your loved ones after your death, you can potentially save them a lot of time, hassle, and money. Property left through a will (rather than a living trust) might be tied up for months or even years in probate court, and could involve court costs and lawyers' fees. By contrast, property left through a trust can be distributed to your beneficiaries almost immediately, and often without the need for an attorney.
As the pandemic has made the state’s lengthy probate process even longer, legacy donors caring for their loved ones may be better off keeping their property out of probate altogether. And they can do this by creating a revocable living trust instead of a traditional will.
A revocable living trust is a legal mechanism that allows the trust's creator, or "grantor," to transfer almost any type of asset into the trust, which is then managed on behalf of the designated beneficiary.
