Revocable trusts are used primarily for legacy planning. They keep your affairs private. They avoid probate. They make sure your family does not end up in court fighting over assets. But if you are in a highly litigious career, a high net worth individual, or simply someone who is susceptible to lawsuits, legacy planning alone is not enough. You need a second layer. This is where irrevocable trusts come in. Most wealthy families have both because they serve two completely different purposes. You
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Considering a Trust…know the differences. A revocable trust allows the grantor (the person creating the trust) to change or terminate the trust at any time during their lifetime, while an irrevocable trust cannot be easily modified once established, meaning the grantor loses control over the assets transferred to the trust; essentially, a revocable trust offers flexibility while an irrevocable trust is “locked in” with limited ability to make changes. #livingtrust #revocabletrust #irrevocabletru
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