Prince Law Firm
Call For A Consultation
Toll Free 866-383-1125
Local 248-419-1968

Trusts: Revocable and irrevocable vary considerably

Many people opt to use trusts as part of their estate plan. When you do this, you have to determine what type of trusts you are going to establish. There are many to choose from, but each one will be classified as either a revocable or irrevocable trust. Understanding the difference between these two designations can help you make the decisions you feel are best.

A revocable trust is one that you can change when you want to. You can switch to a different beneficiary or cancel the trust completely if you decide to. Some people appreciate the flexibility that this gives them since they can tweak the trust until they have it exactly how it needs to be. The downside to this is that there are some protections that this type of trust doesn't provide that might be valuable for you.

An irrevocable trust is one that you can't change once you establish it. The primary benefit that most people choose this type of trust for is that it provides protections from creditors. If you're sued, the contents of the trust can't be taken by the creditor as long as the trust has been funded. Because you can't change things about this trust, you need to ensure that it is set up exactly how you want it.

There are many other considerations to think about when you're trying to determine what type of trust you should establish. Ensure that you think about the purpose of the trust and how the various options available might impact your loved one when you pass away.

No Comments

Leave a comment
Comment Information

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Our Office

Prince Law Firm
800 W. Long Lake Road, Suite 200
Bloomfield Hills, MI 48302

Fax: 248-865-0640
Bloomfield Hills Law Office Map

Connect with us

  • Facebook
  • Twitter
  • Linkedin
VISA | Master Card | American Express | Discover Network