Should I get revocable trust or some kind bond or something (don't know much about it) to protect paid off house, because

Asked 6 months ago - Sacramento, CA

Should I get revocable trust or some kind bond or something (don't know much about it) to protect paid off house, because my daughter got in accident on my car?

Additional information

i need info asap, because accident happened today! an accident happen and someone wished to sue and attach my property, does the trust protect it?

Attorney answers (3)

  1. John P Corrigan

    Contributor Level 19

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    Answered . Too late to do anything now. Each state has laws for what is known as fraudulent conveyance and if a debtor tried to defeat a creditor then the transfer awY can be reversed so that creditors are not defeated......therefore your trust idea is not going to work. Hopefully your insurance coverage is sufficient to cover the claim.

    My answer is not intended to be giving legal advice and this topic can be a complex area where the advice of a... more
  2. Kenneth A. Ziskin

    Contributor Level 5

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    Answered . A normal living trust will not protect the person who makes the trust from liability, although it can protect the interests of the third-party beneficiaries. While there are strategies that can protect assets from your creditors, they are not effective unless put in place properly and, in any event, BEFORE the event that creates the liability. Hopefully, your insurance will provide enough coverage that the injured party will not be motivated/able to impose liability on you directly.

    Only specific legal advice after you retain an attorney can be relied upon. This is only a general comment, and... more
  3. Brett Evan Gowen

    Pro

    Contributor Level 9

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    Answered . I agree that a living (revocable) trust done right now will not protect you from a creditor. However, if you are sued I would strongly suggest that you talk to a local attorney for assistance.

    DISCLAIMER: The response herein is not legal advice and does not create an attorney/client relationship or any... more

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