My grandparents are being sued over a car accident. The other party found out my grandparents' net worth, started seeing dollar signs, and asked for $125,000. Can the money that my grandparents put in a living trust be taken if the other party wins?
A standard, revocable living trust -- in which your grandparents are both the grantors (the people who set up the trust) and the trustees (the people in charge of the trust assets until their death) -- doesn't offer any protection if your grandparents lose a lawsuit. Trust property is treated like just any other asset. No wonder some people hide their money under the mattress.
Get Started with Quicken WillMaker Plus!
Everything you need to create a complete estate plan:
Write a legally valid will
Avoid probate with Nolo's Living Trust
Create a health care directive
Create a durable power of attorney
Prepare executor documents
Save on attorneys fees
Estate Planning Basics
Do-It-Yourself Estate Planning
Wills: Your Last Will & Testament
How to Avoid Probate
Living Wills & Medical Powers of Attorney
Estate, Gift & Inheritance Taxes
Estates, Executors & Probate Court
Getting Your Affairs in Order
Plan Your Estate
Make Your Own Living Trust
The Executor's Guide
Copyright © 2013 Nolo ® |
Security & Privacy |
Disclaimer -- Legal information is not legal advice