Revocable and Irrevocable Trusts
A trust is an entity created through the drafting of a trust document, which identifies the Grantor (the person transferring the property), the Trustee (the person who receives the property and holds it in trust), and the Beneficiary (the person(s) for whose benefit the Trustee holds the property).
A trust may be either revocable or irrevocable. In a revocable trust, the grantor and trustee are generally the same individual(s), and as such, maintain the authority to change, amend or revoke the trust at any point during his/her lifetime. An irrevocable trust is generally much more difficult to change or amend, and may not be revoked.
A trust is an effective manner in which to maintain and distribute assets in the manner stipulated in order to ensure that important concerns—such as the beneficiary’s health, welfare and education—have been financially planned for. A trust also allows you to provide guardianship provisions for your minor children and ensure those you have selected, also have the financial capabilities which guardianship requires. A properly funded trust also ensures that your loved ones will not be forced to endure a costly and time-consuming probate, upon your passing.
There are a number of specialized trusts available for various intentions and objectives. A special needs trust, for example, ensures that family assets will not disrupt or preclude a disabled loved one from receiving government assistance.
There are varying tax consequences and advantages associated with the various types of trusts. Your estate planning attorney will determine the most effective and beneficial trust document for you and your family’s needs and objectives.
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