What is a revocable living trust?
Lancaster, California (PRWEB) April 7, 2009
Antelope Valley estate planning law firm Thompson Von Tungeln answers the question "What is a revocable living trust?"
According to Antelope Valley estate planning lawyer Kevin Von Tungeln, a revocable living trust is a legal document that can, in some cases, substitute for a will. With a revocable living trust, a person's assets are put into the trust, administered for their own benefit during their lifetimes and transferred to their beneficiaries when they die, all without the need for expensive court involvement.
"When most people set up a trust, they name themselves as the trustee in charge of managing their living trust's assets," said Von Tungeln, a partner in Thompson Von Tungeln. "That way they can control those assets during their lifetimes. And they are also able to change - or revoke - any terms of the trust during their lifetimes, as long as they are competent."
Von Tungeln added that a person setting up a revocable living trust will also name a successor trustee, in the event that the trustee becomes incapacitated. At the death of the trustee, the successor trustee takes over and manages the distribution of assets according to the trust's provisions.
"I want to add that having a revocable living trust does not mean you don't need a will, however, said Von Tungeln. "Generally speaking, you still need a will--known as a pour over will - to cover any assets that have not been transferred to the trust."
About Kevin Von Tungeln
With more than 17 years' legal experience, Kevin L. Von Tungeln serves Thompson Von Tungeln in the areas of estate planning, probate, trusts, wills, trust administration, conservatorships, guardianships and elder law. He is certified by the State Bar of California Board of Legal Specialists as a Board Certified Specialist in Estate Planning. Get to know more about Kevin's approach to estate planning by viewing his informational videos at: http://www.youtube.com/user/ Kevin can also be found at LinkedIn by going to: (http://www.linkedin.com/in/kevinvontungeln)
About Thompson Von Tungeln
Antelope Valley estate planning law firm Thompson Von Tungeln (TVT) offers sophisticated estate planning and administration for the affluent, discriminating client. As Board Certified Specialists in Estate Planning, Trusts and Probate as certified by the State Bar of California Board of Legal Specialization, partners Mark E. Thompson and Kevin L. Von Tungeln are expertly equipped to serve these clients with the creative, effective and custom solutions they demand. For more information, contact TVT at 661-945-5868 or visit their website at EstatePlanningSpecialists.com.
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