Legal Question in Real Estate Law in California

A "residential asset trust" is not something an individual homeowner ordinarily would want to be concerned with. The term seems to refer to mortgage securitization vehicles used by the financial services industry. Unless you are into mortgage banking, you don't care about them, and I don't think the term was ever widely used anyway.

On the other hand, living trusts are widely used by homeowners as estate-planning tools. They are a good way to pass assets, especially real estate that has appreciated, or may appreciate in the future. They have tax advantages and avoid probate.

Most living trusts are revocable, at least until the trustor dies, but occasionally it may be desirable to set up a trust so that it is initially irrevocable.

The cost to do an estate plan including a simple revocable living trust may sometimes be less than $1,000 for a cookie-cutter plan, but maybe two or three times that for a custom job by an above-average attorney, and much higher for large estates with lots of property, assets and detailed testamentary instructions. I would imagine there are about 5,000 lawyers in Orange County and at least 500 of them have some experience setting up trusts and estate plans.

It's worth it....your heirs will appreciate your thoughtfulness.