A trust must also be either revocable or irrevocable. As the names imply, a revocable trust is one that can be changed or revoked by the trustor at any time and for any reason. An irrevocable trust, on the other hand, cannot be changed or revoked by the trustor once created. In some cases, a court can modify or even terminate an irrevocable trust; however, if you create an irrevocable trust it is best to consider it to be impossible to change. Many of the tax and asset protection benefits that trusts offer are only available if the trust is an irrevocable trust.
Topics covered in this report include:
- Why Include a Trust in Your Estate Plan?
- Trust Creation – the Elements
- Testamentary vs. Intervivos
- Revocable vs. Irrevocable
- Choosing the Right Trustee