If you were injured by someone in a car accident, and their insurance coverage is inadequate, you may need to seek alternate ways to recover your damages. A car accident lawyer may be able to assist you in this. One of the ways that a victim can get the compensation they deserve is by identifying the negligent party’s assets and petitioning the court to turn them over to you. However, this is not a simple process. It’s even more difficult when you don’t have a car accident lawyer on your side to provide the guidance you need to navigate the legal process.
What is a revocable living trust?
A revocable living trust is a legal document that a person creates (known as the grantor) and which takes effect in their lifetime rather than after their death, like a will. When the grantor creates a revocable living trust, they transfer ownership of their assets to the trust.
On the surface, it may seem that if a grantor’s assets are protected by a revocable living trust, then those assets will not be accessible to anyone who was harmed by that person. But in fact, this is not true, at least not when it comes to a revocable living trust. If they have transferred ownership of their home, property, or other valuable assets, they are subject to seizure under court order. This is especially true if it appears that the grantor created a trust with the sole purpose of avoiding their legal obligations. Your car accident lawyer can provide you with more information that’s specific to the unique circumstances of your case.
Irrevocable Living Trusts
Unlike a revocable living trust, an irrevocable living trust takes control of the grantor’s assets and that grantor cannot change the trust in any way. In effect, they have permanently relinquished all ownership of those assets. How this affects you as an injured victim of the car accident that they caused is that you will not be able to access those assets. Any assets that they did not transfer into the irrevocable living trust may still be accessible. It’s possible that they have assets of value outside the trust. Your car accident lawyer may be able to determine which of the negligent party’s assets are accessible through a court order in order to pay for your damages.
Contact a Car Accident Lawyer Who Can Protect Your Best Interests
If you were seriously injured by a negligent driver and their insurance coverage is insufficient to pay for your medical treatment and related costs, you may need to consider alternate means of recovering your damages. Contact an attorney today.