Revocable and Irrevocable Trust
A personalized Trust is as unique as the individual it is created for. A Trust is created to offer substantial asset protection, tax benefits, assistance in qualifying for government programs such as Medicaid and keeps your estate from going through the long process of probate. You want the proper documentation in place to ensure that your loved ones are protected, and not for this decision to be made by the courts. A Revocable Trust is often used in estate planning. The creators of the trust can amend it at any time without the cooperation from other beneficiaries. The creator of the trust can also revoke it at any time and undo the Trust completely. In contrast to a Will, a Trust operates while the creator is still living and extends after they are deceased. Will only takes effect after the person is deceased. An Irrevocable Trust is one that the grantor cannot revoke in whole or in part. An Irrevocable Trust can be modified or terminated only if the beneficiary consents. When the trust is created and assets are transferred, the grantor extinguishes any rights to access or ownership. This helps to remove the asset from your estate for legal and tax purposes.