Revocable/Irrevocable Trusts
Revocable or Irrevocable – What is the Difference?
A trust can be revocable or irrevocable.
Revocable trusts may be changed or terminated by the grantor at any time and for any reason.
An irrevocable trust, once established, cannot be terminated or altered by the grantor for any reason.
A trust designed to go into effect upon your death is called a testamentary trust.
Revocable trusts often morph into irrevocable trusts.
Experienced estate planning attorneys often use living trusts, created while you are still alive, as a tool to avoid probate and its associated costs.
The Advantages of Revocable Trusts
Also called revocable living trusts or "inter vivos" (Latin for "between or among the living") trusts — revocable trusts are simple yet flexible tools that can add serious mojo to any estate plan and conserve assets for future generations.
The first thing you should know is that the word revocable, as used here, means that the trust can be modified at any time and in a number of ways. For instance, a revocable trust's assets can be exchanged, bought and sold; new assets can be transferred to the trust; beneficiaries can be added and subtracted; successor trustees can be changed. In addition, the person or persons setting up the trust can make themselves the trustees (a self-declaration of trust) in order to maintain complete control over the trust at all times.
Avoid Probate With Revocable Trusts
Because problems often occur in the administration of an estate in probate, especially with large estates — avoiding probate through the use of a funded revocable living trust is essential. Revocable trusts can save your family members and loved ones from having to deal with the problems that can be involved with probating the estate when you die. If you own property in other states, they can also prevent the expense and hassle of having to deal with ancillary probate proceedings in other jurisdictions.
Types of Trusts We Establish:
- Revocable/Irrevocable Trust
- Irrevocable Life Insurance Trust
- Supplemental Special Needs Trust
- Generation Skipping Trust
- Charitable Trusts
- Credit Shelter/Applicable Exclusion Amount Shelter Trust
- Pet Trust
- Estate Freeze Trust
- Qualified Personal Residence Trust (QPRT)
- Qualified Domestic Trust
- Life Partner and LGBT
