Revocable and Irrevocable Trusts

A Revocable Living Trust may pass assets similar to under your Will, but it avoids probate and its costs and expenses.  It may shorten the delay of passing your assets to your beneficiaries.  It provides privacy, whereas in probate your Will is filed in the public records.  It can be structured to minimize estate taxes.

It can be amended or revoked at any time, and upon your death becomes irrevocable.

It also may provide asset protection to your beneficiaries, to protect the assets against their creditors.  Your Trustee has a fiduciary duty to administer your assets according to the terms of the trust.

An Irrevocable Trust, with limited exceptions, may not be amended or revoked.