Legal Question in Wills and Trusts in New York
How does a living trust protect me.
I want to put my house, car and truck in separate trusts. Is it true that if the trust that holds my car and my son uses that car and injures someone that only the car in that trust can be sued?
2 Answers from Attorneys
Re: How does a living trust protect me.
A car cannot be sued. The owner of the car and its driver can be sued. In your case the trust would be the owner and thus the injured party would be limted to the owners insurance and any assests of the trust.
Re: How does a living trust protect me.
I am not sure why you want to put your possessions in a living trust. Trusts are usually used to avoid estate taxes, or protect people who can't manage their own money.
You can't avoid liability based on setting up trusts. This is why you purchase insurance. If someone uses your car and gets in an accident, the car insurance is supposed to defend you, and pay any damages.
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