A living revocable trust is used:
– To "remove the probate procedure."
– Assets that aren't in a hope go into probate, with or without a will.
The grantor's motivation is to get an advantage (s) from a living revocable trust:
– Reduce possible frivolous lawsuits
– Elimination of property taxation
– To acquire some tax advantage or another tax deferral benefit.
You can also create revocable living trust in California for resources and assets over $1,000,000. Together with the living trust that the person who owns the resources retains substantial power over his prosperity and won't insulate assets in the litigation burst.
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There is zero tax advantage, no asset protection, and no prosperity preservation advantages with all the living revocable trust. The Trustee is the man who oversees your trust resources. Good care ought to be taken on your range of your trustee.
The trustee is obligated by the trust document (contract) and he's got an obligation to protect trust assets for your beneficiaries. The individual Trustee handles hold legal title to trust resources and exercises independent control.
The trustee can become your attorney (the worst person you would want to trust), your accountant, best friend, or anybody you TRUST who is not a relative by marriage or blood.