The Most Common Types Of Trust In California
There are several ways to protect your assets. You only need to choose which option works for you, your current circumstances, and possible future situation.
Using trusts is one option. These can be a smart way to save money on taxes while also protecting your assets from creditors.
This post will talk about the different kinds of trusts in California, as often handled by our prescreened Laguna Beach Estate Planning Lawyers.
It can be tough to know which sorts of trusts are best for you because there are so many. However, the trusts listed below have brief summaries that you may want to consider:
An RLT is created during the trust maker's lifetime and can be changed or revoked at any moment.
Unlike a standalone will, a trust is not subject to probate, which is advantageous because probate takes time, costs money, and is a public record.
This allows you to make preparations for estate planning while giving you the freedom to change your mind should your circumstances change.
2. Irrevocable Living Trust
An IRT, unlike a Revocable Living Trust, cannot be changed or revoked once it has been established.
Depending on your current circumstance, an IRT might be the better option for you. This is especially if you're worried about possibly becoming incapable of making decisions as you age.
To know which of the two is your best option, contact a Laguna Beach Estate Planning Lawyer to advise you.