There are numerous individuals who have some misconceptions regarding the revocable trust because of which they never prefer to create a trust for the property or business they have.
So, if you’re also one of these, then it is essential for you to clear all of your misconceptions by calling the living trust lawyer Orange County who will give you a thorough understanding of revocable trust.
Below are some of the common myths people have about the revocable trust:
Lose control with a revocable trust
You gain control with a revocable trust. The entire charge of everything is under the control of the trust. It allows you to change the whole thing to get rid of it at any time you desire.
So, by contacting the family trust California it is possible to create a revocable trust at any time you desire.
No need to worry about probate after created a revocable trust
It’s a fact that after creating a revocable living trust, probate is avoided. But simply the creation of this trust is not enough to obtain the benefits offered by it. Once the trust is made, then all you need to do is start with the funding process.
Funding is the process in which you will need to transfer your property into the trust’s name as the new owner. So, remember to transfer your property otherwise the trust would be of no use.
Thus, these are some of the misconceptions people have about the revocable trust because of which they never want to create a revocable trust. It is also possible to check this useful reference to know more about the revocable trust which is important for you if you don’t want your loved ones to be in trouble following your death.