When you start to create your estate plan, you may consider including a revocable or irrevocable trust. When you create a trust, you become known as the “grantor”, and you can change the trust while you are living or have legal capacity to do so. If you become incapacitated at any point, you will no longer be able to make changes to your trust. Your agent named in your power of attorney can make changes if you specifically authorize them to do so.
Revocable trusts can be changed during your lifetime, and even though it may seem like irrevocable trusts cannot be altered, they can still be changed. Typically, irrevocable trusts created for the purpose of tax planning, Medicaid planning, or asset protection planning are treated differently than those that only become irrevocable following the death of the grantor.
When you create an irrevocable trust, you may still retain certain powers, including the right to redirect who will receive the property in the trust and the right to change the trustees. For example, you could include specifications that your children may hire and fire trustees, and every child included in the trust has a say in where their share will go if they die before receiving it.
If you have questions about revocable and irrevocable trusts, we are here to help you navigate this aspect of estate planning. Contact us today to learn more about revocable and irrevocable trusts and to set up a consultation with our law firm.
“I have known Kayce for years and would trust her completely with any legal situation you may have.”
“Very professional, courteous and well prepared staff!”
“Kayce and the entire team … are great to work with. Professional, responsive, and prompt.”
“…very professional and thorough in every aspect of the process!”
Planning your estate is essential no matter how old you are or your situation in life. If you have yet to estate plan, let our firm help you with all aspects of the process.Book a FREE Call Now!