Whether A Trust Is Revocable Or Irrevocable Matters Considerably

When a person decides to include a trust in their estate plan, there are generally many decisions to make regarding the trust and its terms. One is whether the trust will be a revocable trust or an irrevocable trust.

Generally, a trust can be revoked or changed if it is revocable, and cannot be if it is irrevocable. This makes it so irrevocable trusts and revocable trusts can be quite different from each other.

For one, there is generally a big flexibility difference between these two trust types. Given their ability to be change or revoked, revocable trusts typically offer a greater degree of flexibility than irrevocable trusts.

However, flexibility is not the only respect in which these two trust types differ. They also differ in the purposes they can be used for. For example, revocable trusts lack many of the asset protection applications that irrevocable trusts can have.

Thus, as is the case with many trust terms, whether a trust is revocable or irrevocable can have significant impacts on what sorts of purposes the trust is able to serve. Thus, the decisions a person makes regarding trust terms, such as terms regarding a trust's revocability, can have some really big impacts on what the trust is ultimately able to do for the person. Consequently, when working to get a trust put in place, a person may want to consider having an estate planning attorney help them with finding the right trust terms for the purposes they have in mind for the trust.

Source: FindLaw, "Types of Trusts," Accessed June 15, 2015


Contact Us Today

    • Please enter your name.
    • This isn't a valid phone number.
    • Please enter your email address.
      This isn't a valid email address.
    • Please make a selection.
    • Please enter a message.
E-mail Disclaimer: Please be advised that contacting Willis Law or one of its attorneys by email does not constitute establishing an attorney-client relationship or otherwise confidential relationship between you and the Firm. Please do not give us any information you regard as confidential until a formal attorney-client relationship has been established. Do you wish to proceed?
Put Us On Your Side