The Difference Between Revocable & Irrevocable Trusts

In certain circumstances, creating a revocable or irrevocable trust can be very beneficial. Determining which type of trust is right for you is not always easy. Some people create trusts as they want to increase the chances of having their loved ones and beneficiaries being able to receive the maximum value of their estate. Others do so to avoid having to go through the costly and time-consuming probate process. Federal inheritance tax, claims from creditors and various other court fees associated with the probate process can dramatically lower the value of a person's estate. Creating a trust is a practical way to protect your assets.

The main difference between a revocable and irrevocable trust is that an irrevocable trust cannot be changed or revoked for any reason. This type of trust will be set in stone, so it is important to have a lawyer review your trust before finalizing its terms. A revocable trust is a lot more flexible in that it allows the trustor to make changes, adjustments and even cancel the trust at any given time. If you are looking at setting up a trust for the purpose of being able to transfer the assets from your estate to your loved ones without having to go through probate, a Baton Rouge estate planning lawyer from the Law Office of Wendra J. Moran stands ready assist you.

Estate planning and probate laws are extremely complex. Having a skilled attorney to help you navigate through the estate planning process will greatly increase the chances of having you, your assets and your loved ones cared for as you intend. I treat my clients with the compassion they deserve. When you avail yourself of my legal services, I will take the time to understand your needs, review your objectives and help you determine the types of estate planning tools which will help you achieve the results you want. Call me now to find out whether a revocable or irrevocable trust would be right for you.

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