What are the different types of trusts?

Trusts are legal documents that can be used to manage someone’s assets or determine how the assets are distributed after their death. In the state of California, there are several types of trusts that can be used in Elder Law. The most common type of trust used in Elder Law is a Revocable Living Trust. This type of trust is set up while the benefactor is still alive and allows them to transfer their assets into the trust. The trust is overseen by a trustee, and all assets in the trust remain under the care, control and protection of the trustee. Another trust used for Elder Law is an Irrevocable Trust. This type of trust does not allow for any changes to be made after it is created and all assets placed in the trust are no longer under the control and protection of the settlor. This type of trust is usually used when there is a need to protect assets from potential creditors. A Special Needs Trust can also be used in Elder Law. This type of trust provides financial benefits to individuals who have disabilities and need long-term care. The trust holds the resources and income of the special needs beneficiary, allowing them to receive services and benefits without being disqualified from government assistance. Finally, a Testamentary Trust is created through a will. This trust is created upon the death of the benefactor and can control how their assets are distributed. Testamentary trusts can also be used to provide funds to an individual or a family member over an extended period of time. In summary, there are several different types of trusts that an Elder Law attorney in California can recommend to a client. Depending on the situation and the needs of the client, one of these trusts may provide the best protection for their assets and ensure that their wishes are carried out after their death.

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What are the different types of trusts?

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