It is common to use revocable and irrevocable trusts in the estate planning process. Each has benefits and drawbacks depending on your goals.
One of the most common questions we receive is this one. The following information can help you decide whether a trust is right for you and, if so, which type is best for your unique situation.
This was a question we received from a client: A revocable trust created by my brother left money to my children – but they could only use that money if they went to Tanzania to see elephants. Why can’t my kids put that money toward something they could use, like paying off their mortgages? The trustee says she has no choice, and she has to follow my brother’s instructions.
Different types of trust exist for estate planning purposes; revocable and irrevocable trusts are the most common.
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