Estate Planning Blog

Sacramento Trust Lawyer Answers “Exactly What is a Trust?”

October 20, 2010

When I begin counseling a new client as a Sacramento trust lawyer, I oftentimes need to take a bit of time to do a “Trust 101” lesson. Trusts can provide huge advantages to those who utilize them, but I find that they are often misunderstood. So, I thought I would take a bit of time to simplify the subject and explain the general protection trusts.

Revocable Trust and Irrevocable Trust

There are two basic types of trusts; revocable trust and irrevocable trust. The most common type of trust is a revocable trust. (Some people refer to this as a living trust.) Simply put, revocable trusts are just that, revocable, meaning the trust can be cancelled at the request of the trust maker. This means that the assets in the trust are fully in control of the trust maker. Irrevocable trusts, on the other hand, are not revocable by the trust maker.

Revocable trusts (living trusts) can be excellent for disability planning, privacy, and probate avoidance. They also provide the added benefit of being able to cancel the trust which means the assets can be put back in the name of the person making the trust if needed.

At this point you may be wondering why anyone would ever create an irrevocable trust. Well as a Sacramento trust lawyer, I can say one reason someone might choose an irrevocable trust is that assets would be protected against the claims of creditors. By protecting your assets with a well-drafted trust, you can protect your heirs from claims by creditors by keeping them in a trust over the heir’s lifetime.

This brief explanation of trusts is just the tip of the iceberg as far as what trusts can do to protect your family. To ensure that your planning meets your unique family situation and your objectives, talk to a competent Sacramento trust lawyer who will help you sort through all the options available to you.

Call The Chubb Law Firm today at (916) 241-9661 to review your goals and discuss your options.

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I was absolutely without a clue as to how to begin or what I should do to establish an estate plan. I did know that I wanted someone I could trust, that was honest and I would have confidence in. I was referred to Heather by my friend who was being legally advised by Heather on another estate. She was very satisfied with her work and thought I might be happy with her service. At our consultation appointment, her presentation was very thorough. I had lots of questions, and she was easy to talk to and was able to guide me to just the kind of estate plan I needed. That was 10 years ago. Due to circumstances in my life, I have had to make changes to my plan, and I always go back to her for her legal services and guidance. I have recommended Heather before.

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