The Elrod Firm


What’s the difference between a Revocable and an Irrevocable Trust?

Justin, I know that my wife and I need a trust to keep our things out of probate court, and I’ve been reading up on my options. I have seen that there are basically two types of trusts, revocable and irrevocable. What is the difference, and how do I know which one is right for us?   – Gene

Gene, in a nutshell, a revocable trust can be changed or revoked by the creators of the trust at any time. An irrevocable trust cannot; it is more permanent. Additionally, in most cases, the creators of a revocable trust will also serve as their own trustees, meaning they maintain complete control of their trust. In most cases, the creators of an irrevocable trust do not serve as the trustees of their trust, meaning they must turn over management of the trust to someone else.

Both types of trusts will help you stay out of probate court, but only an irrevocable trust can serve as a shelter for your assets against the high costs of long-term care. Not all irrevocable trusts are drafted for asset protection, but a properly drafted irrevocable trust can serve as a shelter against long-term care costs. Because of the flexibility of revocable trusts, they cannot serve as asset shelters.

When deciding which trust is right for you, you must determine if your desire for flexibility and control outweigh your need to shelter assets from the costs of long-term care. If so, a revocable trust may be better for you. But if asset protection is your highest priority, the irrevocable trust may be more appropriate.

Are you in a similar situation?

We can help you navigate your unique circumstance.

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on email

agen slot online | slot online pulsa | slot online | daftar slot online | slot online terbaik | slot online resmi | login sbobet | slot online | sbobet wap | judi bola online | joker123 apk | situs joker123 | casino online | casino online terbaik | login sbobet | agen sbobet | slot online | live slot | togel online | Idn Poker | joker123 | sbobet | situs judi slot | agen slot online | slot online terlengkap | slot online terpercaya | slot online | sbobet | joker123 | idn poker | slot | agen sbobet | sbobet | slot online | idn poker | joker123 | slot online | togel online | sbobet mobile | poker online terpercaya | freebet

bandar togel online | situs sbobet terpercaya | agen slot joker123 | judi slot online | link alternatif sbobet | live casino online | agen poker online | asianbookie handicap | togel online singapore | daftar agen sbobet | slot online deposit pulsa | login joker123 apk | bandar poker online | liga88 |