What Kind of California Trust Is Right for You?

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trust1 e1310155467480 What Kind of California Trust Is Right for You?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 if you 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. You, the grantor, can also change this type of trust during your lifetime, but the assets held within are generally considered to be what you would leave behind for loved ones or a charity.

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 can help you determine whether a living trust or a testamentary trust is the right choice for your unique circumstances.

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.

Contact us today for individualized planning strategies to meet your unique needs.

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