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Ask Loren Your Own Question
Loren, Attorney
Category: Estate Law
Satisfied Customers: 33014
Experience:  30 years experience in the practice of estate law.
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How does a trust protect my property from being part of a

Customer Question

How does a trust protect my property from being part of a legal proceeding if am sued?
JA: Since estate law varies from place to place, can you tell me what state this is in?
Customer: Arizona
JA: Has anything been filed or reported?
Customer: no
JA: Anything else you want the lawyer to know before I connect you?
Customer: s there a benefit to putting my house in a trust to protect that asset as opposed to a standard will. Have a Beneficiary deed currently
Submitted: 8 months ago.
Category: Estate Law
Expert:  Loren replied 8 months ago.

Good afternoon. I am Loren, a licensed attorney, and I look forward to assisting you.

A revocable trust would not provide any protection from creditors. It is mainly used to avoid probate and control the distribution of assets.

An irrevocable trust may provide protection from creditor claims but you would need to give up all ownership and control and pay an independent trustee to administer the asset in the trust.

Expert:  Loren replied 8 months ago.

Ir is protected from creditor claims because you no longer own it.

Customer: replied 8 months ago.
Can the trustee be the beneficiary
Expert:  Loren replied 8 months ago.

No. The beneficiary may not retain any control over the trust assets in an irrevocable trust.

Expert:  Loren replied 8 months ago.

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