The revocable trust is a very popular trust because the trustor – the person who made the trust – is free to make changes to it. It can also be discarded whenever you don’t believe that the trust is needed anymore.
The irrevocable trust is also a popular trust, but as the trustor, you will not have any rights to this trust after it has been created. This means that you are “nullifying your rights” to the trust. As long as you live, you will not be able to make any changes or terminate this trust without court intervention.
The irrevocable life insurance trust allows you to take your life insurance policies out of your estate. This makes it possible for the beneficiary to be exempt from taxes that are levied against the life insurance policy.
A testamentary trust is another part of your will. This trust becomes effective after you pass away.
One type of charitable trust allows the trustor to choose charities and allow them to receive the interest on the financial gifts for a specified period of time. The other trust is a “charitable remainder trust” that presents the named charities with the trust’s assets after the trust term is over.
You can take care of a family member with a disability with a “special needs trust.” This trust ensures that the family member has financial support throughout his or her life.
If you are interested in creating any type of trust, contact us at the Katje Law Group. Our estate planning lawyer Anaheim can provide you with a wide variety of services for creating your trust. Our Anaheim wills and trust attorney is knowledgeable and experienced in the probate, tax and estate laws and will ensure that your family doesn’t experience any difficulties in these areas. Contact us to set up an appointment for an estate planning attorney Anaheim Hills today.
Ms. Katje earned her Juris Doctorate at California Western School of Law, San Diego, California, graduated Cum Laude and was a Dean’s Honor List recipient. She was also a recipient of the American Jurisprudence Award in Contracts I and Contracts II. Ms. Katje was a member of the Law Review and International Law Journal at California Western School Law, where she was an Associate Editor.