What is a survivor's trust?

A survivor’s trust is an important tool in estate planning for elderly people in California. It is a type of trust that is created by an individual who is aging and wants to protect assets for their survivors and dependents after they pass away. The trust is created so that the financial assets in the trust are controlled by a trustee and are only available to specified beneficiaries upon the passing of the trust maker. The trust is established with the help of an attorney who can help the individual create the trust document, designating the beneficiaries of the trust and setting out the terms for how and when the trust assets can be accessed. A survivor’s trust can be used to protect assets like income, real estate, or other assets if the estate of the individual is contested or if it needs to be managed in a way that benefits all the beneficiaries of the trust. The trust can be used to transfer assets without going through probate and without getting taxed, which can be helpful in providing protection for the elderly and their dependents. Additionally, a survivor’s trust can also be used to designate a caregiver to manage the trust on behalf of the elderly and their dependents. This is an especially important benefit as it allows the elderly to maintain control of the trust while they are still alive and ensure that their dependents are taken care of after their death.

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What is a survivor's trust?

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