The type of trust that is most commonly used is the revocable living trust. Many people are comforted by the idea that it is possible to change your mind and dissolve the trust at some point in the future. Plus, if you create this type of trust, you have control even while you are alive and well. As the grantor of the trust, you could serve as the trustee and the beneficiary at first. In the trust declaration, you would name successors to assume these roles after you are gone. You can change … [Read more...] about When Would You Use an Irrevocable Trust?
There are many misconceptions held by people with regard to trusts, and one of them is the notion that you surrender all control of assets that you convey any type of trust. The first thing to understand about trusts is that there are two different classes: revocable trusts, and irrevocable trusts. As the name would imply, with the former variety, the grantor of the trust has the right of revocation. If you establish a revocable living trust, and you decide that you want to dissolve it … [Read more...] about Can an Irrevocable Trust Be Changed?