When it comes to estate planning, trusts are powerful tools that can help manage and protect your assets. Among the various types of trusts, revocable and irrevocable trusts are two of the most commonly used. Understanding the key differences between these two can help you make informed decisions about your estate plan. In this article, we’ll break down the main distinctions and benefits of revocable and irrevocable trusts.

Probate—a term often associated with legal complexities and delays in estate settlement—plays a significant role in the distribution of assets after an individual’s passing. However, many people are unaware of what the Probate process entails and how it impacts their estate planning goals. In this article, we’ll explore the concept of Probate, its implications, and how it can be avoided through the strategic use of trusts.

Every individual, every family, and every business is different. It’s imperative that you have an estate plan that works for and supports your unique situation.

The Revocable Living Trust document will name the Trustors, Trustees, possible Successor Trustees, and Beneficiaries who will be involved in the management of the trust that it creates and the use of the assets it holds.

Simply said, no. The people who put the assets into the Revocable Living Trust and who approve the language found in the trust document about how the assets are to be managed are the “Settlors” (sometimes also called Trustors, Grantors, or Trust Makers), who also designate the “Trustees”. The Trustees are the individuals who must follow the rules for managing the assets as outlined in the Trust document.

A Revocable Living Trust and a Will are similar in that they both spell out who is to inherit assets from people after they are deceased, and they work well together to ensure people’s estate plans meets their needs, but they are different in a few important ways.