You have two basic kinds of trusts to choose from when narrowing the options down. While there are several different kinds of trusts that you can discuss with your Newport Beach asset protection attorney, they all fall into two categories: Irrevocable trusts and revocable trusts.

• An Irrevocable Trust is one that one that cannot be altered – this means you’ll want to make sure you are absolutely certain that all the parameters of the trust are something that you will be able to agree to for the long haul. In addition, an irrevocable trust can never be terminated, no matter what the surrounding circumstances are. Again, a good reason for careful consultation with your Newport Beach trust attorney before signing any dotted lines.

• A Revocable Trust can be altered as much as the grantor wants, though he or she will have to do so through the trustee. Nonetheless, the option to make changes is there, and this means that you can change your mind about the parameters anytime. In addition, unlike an irrevocable trust, a revocable trust can be terminated by the grantor at any time. This means if you have a change of heart or your life circumstances change, you can change or end the life of the trust.

While the revocable trust may sound better than the irrevocable trust, both have their pros and cons, and you won’t know which meets your needs best without first consulting a California asset protection lawyer. Contact Jeffrey Matsen today to find out what your options are for trusts.