Is a Revocable Trust Really Useful?

If you are considering whether or not to include a trust in your overall estate plan, you should first decide whether you want a revocable or irrevocable trust.  Many people assume that, because a revocable trust does not provide asset protection, this type of trust is not very useful.  However, that is not entirely true.  As with any estate planning tool, there are advantages and disadvantages to using a revocable trust. The difference between an irrevocable and a revocable trust The major distinction between a revocable trust and an irrevocable trust is the ability to made modifications once the trust has been executed.  As the name suggests, a revocable trust allows the person making the trust (the grantor) to make modifications to the terms of the trust agreement at any time.  In fact, the trustor can revoke or cancel the trust altogether, at any time during the maker’s lifetime. Once the trustor dies, however, the trust typically becomes an irrevocable trust. Because of


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