Understanding the Differences Between Revocable and Irrevocable Trusts
When planning for the future, it's crucial to understand the tools available to manage your assets, provide for your loved ones, and ensure your wishes are followed. As flexible and powerful estate planning instruments, trusts come in various forms, with revocable and irrevocable trusts being the most common. These trusts serve different purposes and come with distinct advantages and limitations. Introduction to Trusts What is a Trust? Let's start with defining the term. A trust is a fiduciary arrangement where a trustee holds and manages assets on behalf of beneficiaries according to the terms specified by the trustor (the person [...]