In this Elder Law Minute, Wes Coulson, Illinois and Missouri Elder Law Attorney, explains the difference between revocable trusts and irrevocable trusts.
What’s the Difference Between a Revocable Trust and an Irrevocable Trust?
Hi, I’m Wes Coulson and this is your Elder Law Minute. One of the questions I get occasionally is, “What’s the difference between a revocable trust and an irrevocable trust?”
Of course, the first difference is obvious – the second one is even harder to say than the first one. What it really means is – can you change the trust or get rid of it? If so, it’s revocable. If it’s locked in, then it’s not revocable.
Why would you want a trust locked in?
Well, for some planning purposes, if the terms are locked in and you’re not in charge, the money in that trust doesn’t count as your asset any more. And of course, every revocable trust becomes irrevocable when you die because you don’t want people making changes to your estate plan on you after you’ve died. So, that’s the difference between a revocable and an irrevocable trust. Thanks!
For more information on Trusts, visit these articles:
- Sweetheart Wills and Trusts: Are they the best option?
- Pet Trusts: Providing for pets in your estate plan
- Does a Living Trust protect my life savings from long-term care costs?
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Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.