TRUST LAWYERS | Revocable Trust | Irrevocable Trust

WHAT IS A REVOCABLE TRUST?
A Revocable Trust is an instrument by which a person (usually the Grantor) determines how his property and other assets are to be managed during his lifetime and after his death. Grantor is a person who creates the trust and is usually the person who funds the trust. The same person is also allowed to manage the trust and make decisions as the Trustee of the Trust. The Trust is managed for the Beneficiaries of the Trust. Beneficiaries can include the Grantor, Trustee and other family or non-family members. Confused yet? 

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HOW DO YOU CREATE A REVOCABLE TRUST?
First, you have to have an attorney create the 'Trust Agreement,' these are the documents that will become a Trust upon its execution by the Settlor and the Trustee. The Second component to this is actually funding the trust, the property that is going to be managed by the Trust must be transferred to the Trust. 

CAN I MAKE CHANGES TO A REVOCABLE TRUST?
Yes, by its very nature the Settlor (person who creates the Trust) reserves the right to make changes to the Trust. Changes can include amending clauses, adding assets, or even changing the beneficiaries. Having a Revocable Trust allows for changes that come with life such as marriage, death, divorce, injury or disability and as mentioned before change of mind. You can undo and redo things in a Trust at any time you desire. 

CAN A REVOCABLE TRUST BECOME IRREVOCABLE?
Yes, you can either choose to change your Trust to Irrevocable. I rarely if ever recommend this to my clients, but may be a good option in certain circumstances. You can also design a Trust to change its status from Revocable to Irrevocable based on certain milestones or life events. A Revocable Trust becomes Irrevocable upon the death of the Settlor. 

WHAT IS AN IRREVOCABLE TRUST?
An Irrevocable Trust is created by an individual that cannot be revoked, altered, or amended. This means that once you execute this trust, you will loose any ability to make changes to Trust Instrument. 

THINKING ABOUT GETTING A TRUST?
If you are here reading this, chances are you are looking for more information on Revocable Trust or are seriously thinking about getting one. Feel free to call us if you have any questions regarding Revocable Trusts. We are here to help, we offer all our clients candid advice and will tell you if a Trust does not apply to you. It is our core mission to provide our clients with accurate  and candid advice. Talk to us today. 

HOW MUCH DOES A TRUST COST?
On average, most basic Trust Package starts at $4500. We will educate you, provide you with advice and take care of you from beginning to end. We even include a yearly maintenance call free of charge to all our clients-where we will go over your trust and see if we need to make changes to keep up with your changing lifestyle.