About California Trusts

6:37 pm Asset Protection, California Trusts, Estate Planning

trust1 e1319135794367 About California TrustsYou have two basic kinds of trusts to choose from when narrowing the options down. While there are several different kinds of trusts that you can discuss with your California estate planning attorney, they all fall into two categories: Irrevocable trusts and revocable trusts.

An Irrevocable Trust is one that one that cannot be altered – which means you’ll want to make sure you are absolutely certain that all the parameters of the trust are something you can agree to for the long haul. In addition, an irrevocable trust can never be terminated, no matter what the surrounding circumstances — a good reason for careful consultation with your California trust attorney before signing any documents.

A Revocable Trust can be altered as much as the grantor wants, although he/she will have to do so through the trustee. Nevertheless, the option to make changes is there, and this means that you can change your mind about the parameters any time. In addition, unlike an irrevocable trust, a revocable trust can be terminated by the grantor (you) at any time. This means if you have a change of heart or your life circumstances change, you can change or end the life of the trust.

While the revocable trust may sound better than the irrevocable trust, both have their pros and cons.  You won’t know which meets your needs best without first consulting a California asset protection lawyer.

Help is available to you by contacting your Southern California financial planning experts today.

 

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