But when you died, your living trust didn’t die, it just keeps on going, that is why they call it a living trust. What can they take during bankruptcy? What creditors can take in a bankruptcy. Your …bankruptcy estateis made up of all your income and property that creditors could potentially get hold of. This includes all the property that you own at the time of the bankruptcy filing, as well as any income that you have earned, even if you haven’t received it yet. Do husband and wife need separate trusts? In general, most experts agree that Separate Trusts can provide more asset protection. Joint Trust: Marital assets are all together in a single trust. This means there’s less asset protection, because if there’s ever a judgment over one of the spouses, all of the assets could end up being at risk. Amazing Attorney Probate near South Boulevard, Escondido, CA. Can be set up so that upon your death the title automatically passes to a co-owner. What is the difference between a revocable trust and an irrevocable trust? A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed at any time. An irrevocable trust describes a trust that cannot be modified after it is created without the consent of the beneficiaries. Relaxing Attorneys Probate is Escondido Probate Law 720 N Broadway #107, Escondido, CA 92025. Amazing Probate Attorney nearby Midway, Escondido, CA. Why is it good to avoid probate? The two main reasons to avoid probate are the time and money it can take to complete. Remember that probate is a court process, and along with the various proceedings and hearings, simply gathering assets and paying off debts of an estate can take months or even years.
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Escondido Probate Law720 N. Broadway, #107 Escondido, CA 92025
(951) 582-3800
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