Five Questions To Consider During A California Irrevocable Trust Lawsuit
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 a lawsuit in the event that a 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 San Diego 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. Some of the questions that the attorney will help you to address include:
- 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. For more information about working with an attorney, view our article, “Five Questions to Ask Before Hiring a Trust and Probate Litigation Attorney.” To learn even more about the process of trust litigation, view our free book, Trust and Will Litigation in California. Contact an experienced San Diego probate court attorney for a consultation. Call the Grossman Law Office today at (888) 443-6590.
The Grossman Law Firm, APC · 525 B Street, Suite 1500, San Diego, CA 92101 · (951) 523-8307