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I’ve been told I need a “trust.” What kind? Living Trust? Irrevocable Trust?

| May 14, 2014 | Estate Planning

There are many different kinds of trusts. For example, there is the common inter vivos trust (which is often referred to as a “living trust”), and there are more rare variations, such as the “pet trust.” While some trusts may have similarities, each is unique and may not be appropriate in your specific circumstance. The experienced estate planning attorneys at the Carlsbad-based The Loftin Firm P.C. can help you decipher the “legalese” often used in trusts to determine which is right for you.

A living trust is simply a trust that is created during the lifetime of the trustor (the person who creates the trust). Most people seeking a trust are looking for a revocable living trust, which means that the trustor will exercise lifetime management over the transferred property and the trust will become irrevocable upon the death of that trustor. In contrast, an irrevocable trust effectively requires the trustor to relinquish control over the property during his or her lifetime. Of course, the two different types of “living trusts” are appropriate in different circumstances and should only be used after a careful discussion with an experienced attorney. To discuss which type of trust may be appropriate for your family, contact The Loftin Firm P.C. today.