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Compared to wills, revocable trusts provide increased privacy, more control, and flexibility over asset distribution. With a revocable living trust, you do most of the work upfront, making the disposition of your estate easier and faster. However, they also require substantially more effort and higher costs.

Four Reasons You Don't Need a (Revocable) Trust Probate avoidance is the only goal. While this is an admirable goal, a trust may not be the only way to avoid probate. You have straightforward wishes. You're motivated by tax savings or Medicaid eligibility. You're not great at follow-through.

Whether they are not telling you what assets a trust holds or how they are investing those assets, per California trust law, trustees must communicate with beneficiaries and keep them informed. This is one of the many fiduciary duties trustees have a legal responsibility to fulfill.

If a trust document states that a beneficiary must meet specific conditions to receive their inheritance, a trustee has the right to refuse to distribute funds.

Establishing and maintaining a living trust often involves a substantial amount of paperwork. Unlike a will, which may be simpler to execute, a living trust demands meticulous attention to detail and ongoing documentation. Maintaining accurate records is crucial for the success of a living trust.

One of the duties of the trustee is that, within 120 days from accepting a trusteeship, the trustee must notify the beneficiaries and provide them with information regarding the trust.

A trustee shall send to the permissible distributees of trust income or principal, and to other beneficiaries who request it, at least annually and at the termination of the trust, a report of the trust property, liabilities, receipts, and disbursements, including the source and amount of the trustee's compensation, a ...

One option is to set up a living revocable trust, which is a legal document that lets you change the terms of the trust or revoke it entirely at any time while you are alive. Financial expert Suze Orman is a big champion of living revocable trusts, saying on a recent podcast that “there is no downside” to having one.

The trustee has a duty to keep the beneficiaries of the trust reasonably informed of the trust and its administration.” This law has been interpreted by the courts to mean that the duty to provide information is independent of the duty to provide an accounting.