California Trust Options: Living v. Testamentary

8:15 pm Uncategorized

Trusts are a great way to shelter assets and keep property out of harm’s way if you are sued or another type of judgment is placed against you. To decide which kind of trust is for you – and there are many kinds – you’ll want to start by deciding two main things:

Do I want a living trust or testamentary trust?

  • A living trust gives you the option to access what the trust holds while you are living and makes it possible for you to make changes at any time to what is in the trust and how it is managed by communicating with the trustee of the trust. As the grantor of a living trust, you can generally make as many changes as you want, thought it is recommended that you consult your California asset protection attorney before making any changes to your trust.
  • A testamentary trust is one that is built into your will. This type of trust can also be changed by you, the grantor, during your lifetime, but the assets held within are generally considered to be what you would leave behind for loved ones or institutions that you wish to give a charitable contribution to once you have passed away.

Before making any decisions about which trust suits your needs best, you should make a list of questions to ask your California estate planning lawyer. He or she will answer your questions, and through this process help you determine whether a living trust or a testamentary trust is the right choice.

Your Newport Beach asset protection lawyer may also want to discuss an offshore trust with you, especially if you have more than $2 million in liquid assets, or if you are a medical professional vulnerable to malpractice lawsuits.

Get started by contacting our Orange County asset protection estate planning law firm as soon as possible.

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