Understanding Irrevocable Trusts
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One of the most significant assets of estate planning is the creation of a trust. Trusts help you maintain control of your assets and decide when and how they will be distributed. An irrevocable trust is special in that it cannot be terminated or altered at any point.
At the Law Offices of James C. Shields in the South Bay, we understand that while not beneficial for everyone, irrevocable trusts are highly advantageous for individuals facing unique circumstances. Our Torrance estate planning lawyers have nearly 20 years of experience ready to utilize for the achievement of your most favorable outcome.
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Who Can Benefit from an Irrevocable Trust?
A trust is helpful because it allows you to control your wealth, guard your legacy, and abstain from probate. Even someone who feels that they have a minimal amount of wealth can find peace of mind by creating an irrevocable trust.
An irrevocable trust is beneficial for anyone hoping to achieve the following:
- Avoiding or reducing taxes
- Safeguarding assets from creditors
- Taking care of family members who are minors or have special needs
If you wish to create an irrevocable trust, you must sign a written trust agreement and appoint an individual, called a trustee, to oversee your assets. Your trust will distinguish benefactors – the people who will receive certain assets when you pass away. Selecting a dependable trustee is crucial to the overall success of your trust.
Whatever your goals are for your irrevocable trust, we're here to help you achieve them. Not only is our firm dedicated to keeping your assets secure while you're alive, we can help you provide for your loved ones after you're gone. The right choice of legal representation makes all the difference in the world. Let the Law Offices of James C. Shields show you why.
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