A revocable trust can be changed at any time. Property can be removed from a revocable trust and remains under your control by way of the trust. Revocable trusts can include special provisions such as a spendthrift provision, which limits access to the property for minors and individuals who have a history of irresponsible spending.
An irrevocable trust is set in stone and cannot be modified once it is created. Property that is transferred to an irrevocable trust is no longer yours; it belongs to the trust and can only be used in a manner specified by the trust documents.
Some of the specific types of trusts we handle include:
- Credit-shelter trusts
- Generation-skipping trusts
- Qualified personal residence trusts
- Irrevocable life insurance trusts
- Qualified terminable interest property trusts
- Special needs trusts
The management of a trust is delegated to a trustee, an individual who is required to follow the terms spelled out in the trust documents while managing those assets. A trustee may be an attorney or professional trust administrator, or he or she may be a friend or relative.
Benefits of establishing a trust
Trusts are among the most flexible of estate planning vehicles, which means they can be custom-designed to suit your family's needs. They allow you to determine how and when your assets will be distributed after you die. Trusts can help to reduce estate and gift taxes, avoid probate court for some of your assets, and protect your assets from creditors and lawsuits.
However, in order to create a trust that actually meets your needs, you need experienced legal counsel. Our attorneys have extensive experience drafting trust documents. We help our clients understand their estate planning options and work with them to create trusts that will provide the maximum benefit to their families.
Take control of your legacy. Contact us today to speak with an experienced attorney about your trust. Call 480-378-9000.