Californian residents may set up trusts for a number of reasons. Different people can be the beneficiaries and trustees, as well. We at the Law Offices of Alice A. Salvo can help you while you create a trust, starting by explaining the various types.
One of the less common types is a self-settled trust, also known as Asset Protection Trusts. In these trusts, the beneficiary and settler are the same person. In other words, you are the one benefiting from this trust. Generally speaking, this is a move that’s made if one wants to protect trust assets.
Revocable and irrevocable trusts are flip sides of a coin. With revocable trusts, you can decide to terminate the trust for any reason at any time, with or without warning. Irrevocable trusts, on the other hand, are considered permanent.
Special needs trusts are set up generally for the benefit of an individual who is not able to manage their finances on their own due to an issue with their developmental abilities. The age of the person in question doesn’t matter; special needs trusts can be set up for minors, adults, and the elderly alike.
Charitable trusts are for use by non-profit organizations or charities. With these, the money in the trust is used to benefit a cause or group through charitable donations.
If you are looking into the creation of a trust, consider taking a look at our web page on trusts, linked here. You can also contact our offices if you would like to discuss your unique situation in more detail.