Irrevocable Trust Lawsuit: Five Questions to Consider
During their lifetimes, some individuals attempt to shelter assets from their creditors through the use of an irrevocable trust. When executed and carried out properly, an irrevocable trust can be an effective asset protection device. However, that does not mean that creditors will not attempt to reach the assets through an irrevocable trust lawsuit in the event that debt is unpaid. If you are the trustee of a trust that is under attack from a creditor, it is crucial that you consult with an experienced probate court lawyer for guidance. When you consult with a legal professional, he or she will help you to assess whether the irrevocable trust is truly lawsuit-proof.
Irrevocable Trust Lawsuit, Five Questions to Consider:
- Was the trust properly funded, meaning the assets were transferred into the trust?
- Who is the beneficiary of the trust?
- Could the creator of the trust modify or change the provisions of the trust?
- Could the creator of the trust take back control of the trust assets?
- Were any of the assets transferred into the trust while there were already creditors in existence?
Working with irrevocable trusts requires experience and a strong knowledge of complex trust and estate laws. Since every action can later be used against you during a trust lawsuit, it is important to seek the guidance of an experienced professional.
If you are ready to start your case, then please give us a call or fill out our Get Help Now form. A comprehensive overview of California Probate is available here. Should you have additional questions about trust litigation, you will find plenty of useful information in our Learning Center.