When planning your estate, choosing the right type of trust is an important decision. Trusts are powerful tools in estate planning, offering various benefits, such as avoiding probate, providing privacy, and facilitating the smooth transfer of assets to your loved ones.
At The Law Offices of Kayce C. Staehle, we help our clients create both irrevocable and revocable trusts. If you want to create a trust, it is important to understand the differences between the two before getting started.
Revocable Trusts
Revocable trusts, also known as living trusts, are a type of trust that can be altered, amended, or even revoked entirely during the lifetime of the trust’s creator. This person is known as the grantor or the settlor. The main benefit of revocable trusts is that they offer flexibility, allowing you to alter your trust as your needs change over the course of your lifetime.
Irrevocable Trusts
Irrevocable trusts are a type of trust that cannot be changed, modified, or revoked after they have been created and executed. Once you transfer assets into an irrevocable trust, they are no longer considered part of your personal estate. This makes irrevocable trusts a powerful tool for asset protection and certain tax planning strategies.
We would be happy to answer any questions you might have about revocable and irrevocable trusts. For more information or to schedule a consultation, contact us today.