A living trust is a type of trust which you create during your lifetime. Transferring your home to the one whom you want will only protect it from a lawsuit judgment if the terms of the trust are irrevocable.
To protect your home from the lawsuits, prefer to hire the living trust attorney Orange County who will help you in planning a trust in a proper manner.
Below are some of the ways in which the living trust will help you with a lawsuit:
Must be irrevocable
The Trust will only recognize the trust is irrevocable if the creator of the trust properly relinquishes all ownership interests and control over the home and other assets in the trust. The person who is creating the trust has no authority to amend or cancel the trust document once it is created.
So, being an owner of the home, it is important for you to create a trust by contacting the California living trust professionals who will develop a trust according to your requirement during your lifetime.
Qualified personal residence trust
Creating a permanent irrevocable living trust is one of the best asset protection strategy. Also, there is an alternative option, create an irrevocable qualified personal residence trust or QPRT through which you can retail a tenancy interest in the home. With the QPRT you transfer the title of your home but you have a right to live in the home for the period you specify in the trust document.
Thus, in this way, your loved ones will get benefit from the living trust which you will plan for your property during your lifetime. You can also check this useful reference to know more about the living trust which protects your home from the lawsuit.