A revocable living trust, be definition is a legal agreement for the trustee to hold property [legal title] for a beneficiary. A revocable living trust is one of the only legal documents you can make with yourself which is legally binding. Another name for a revocable living trust is an inter vivos trust.
This trust, which is revocable, is created to avoid probate while still obtaining the goal of property management both short term and long term. The modifiability of a revocable living trust gives it advantages so that beneficiaries can be added or removed and other conditions regarding disposition of property made. The trust can also be completely revoked.
The Internal Revenue Service has specific rules and regulations for revocable living trusts. In addition, the San Diego County Probate Court has jurisdiction to enforce the terms and conditions of a living trust if the trust administration is contested.
If you would like more information on revocable living trusts, or any issues regarding estate planning, please contact us for a complimentary consultation.