change revocable trust

[jnkbell]

What is the name of your state (only U.S. law)?
California

My father has his assets in a revocable living trust, mother past away a few years back. Because of certain people now befriending him, to avoid any problems I suggested he change his trust to irrevocable.

One, any advice as to whether that is good or bad, and two, does he need to employ an attorney to do that?

 

[tranquility]

What is the name of your state (only U.S. law)?
California

My father has his assets in a revocable living trust, mother past away a few years back. Because of certain people now befriending him, to avoid any problems I suggested he change his trust to irrevocable.

One, any advice as to whether that is good or bad, and two, does he need to employ an attorney to do that?

He would need an attorney to assist him. I don't think a change to irrevocable is important at this time. Better might be a durable power of attorney over his assets. (Or, change the trustee.)

 

[jnkbell]

What is the name of your state (only U.S. law)?
California

My father has his assets in a revocable living trust, mother past away a few years back. Because of certain people now befriending him, to avoid any problems I suggested he change his trust to irrevocable.

One, any advice as to whether that is good or bad, and two, does he need to employ an attorney to do that?

It was actually an idea between my sister and I, more afraid of my father's age possibly affecting his decision making down the road...almost protecting his assets from himself after some more recent observations.

 

[tranquility]

It was actually an idea between my sister and I, more afraid of my father's age possibly affecting his decision making down the road...almost protecting his assets from himself after some more recent observations.

That's the purpose of a durable power of attorney, to care for a person once they cannot care for themselves. If the concern is really that he cannot be trusted to control his own affairs, the answer is a conservatorship. An irrevocable trust to protect in such matters would be a special needs trust. The hassle and work and professional advice needed for that does not make it really a solution for "maybe".

 

[jnkbell]

What is the name of your state (only U.S. law)?
California

My father has his assets in a revocable living trust, mother past away a few years back. Because of certain people now befriending him, to avoid any problems I suggested he change his trust to irrevocable.

One, any advice as to whether that is good or bad, and two, does he need to employ an attorney to do that?

Understood. Now that you said that I do remember hearing about the special needs part for one who cannot care for themselves. I need to check his POA.
Thanks for your help.