Letter to Client: Drafts of Revocable Trusts with Pot Trust for Children for Individual with Spouse or Partner (California)

This legal template is a communication written to a client regarding the creation of revocable trusts with a pot trust for children. The template specifically addresses individuals who have a spouse or partner, and it is applicable within the jurisdiction of California under the laws of the United States.

The purpose of this letter is to inform the client that drafts of the revocable trusts have been prepared for their review and consideration. Revocable trusts, also known as living trusts, are estate planning instruments that allow the individual (the trustor) to maintain control over their assets during their lifetime while facilitating a smooth transfer of these assets upon their death, without the need for probate.

In this specific scenario, the revocable trusts are designed to include a pot trust for the benefit of the client's children. A pot trust is a trust structure where the assets are pooled together and distributed among the beneficiaries based on certain predetermined criteria or guidelines. This arrangement ensures that all the children are treated fairly while allowing the trustor some flexibility in how the assets are divided.

As the template is under the purview of California law, it takes into consideration the specific legal requirements and regulations governing trusts in this particular jurisdiction. California's laws regarding trusts may differ from other states, necessitating the use of this region-specific template.

Overall, this legal template serves to inform the client about the progress made and invites them to thoroughly review the drafted revocable trusts with the pot trust for children. It provides an opportunity for the client to provide feedback, seek clarification, and make any necessary revisions before finalizing the estate plan.