Irrevocable Trusts: What Are the Pros and Cons?

If you’re considering planning for how your estate should be managed, you’re undoubtedly wondering whether you should include a trust in your estate plan. A revocable or irrevocable trust can be an excellent tool for holding and managing your assets, but it’s not always right for everyone.

This post considers irrevocable living trusts and their advantages and disadvantages. We’ll also learn how a trust lawyer can help you create the right plan for you.

What Is a Trust?

A trust is a tool that allows one party (the trustee) to control another party’s assets and property. An irrevocable living trust is a type of trust that cannot be revoked once it has been created.

What Is the Difference Between a Revocable Trust and an Irrevocable Trust?

A revocable trust allows its creator to change its terms or dissolve it at any time while they are still alive. An irrevocable trust cannot be changed once it has been created. Its creator must rely on the terms written into the document at the time of creation rather than being able to alter those terms later on down the road when circumstances change or new information comes to light.

Pros and Cons of Irrevocable Trusts

As an overview, the benefits of an irrevocable living trust include:

The following are some disadvantages of irrevocable living trusts:

How Can You Choose?

Consultation with a professional estate planning attorney is the best approach to learning which trusts meet your estate planning needs. At the Law Offices of Michael K. Lanning, APLC, we can assist you in establishing a trust arrangement that will enable you to pass on your assets to your loved ones without having to pay costly estate taxes or go through probate. Contact us at 310-820-1600 or go to our website to learn more and set up a consultation to learn how we can help you with your estate planning process.

We serve West Los Angeles, Santa Monica, Pacific Palisades, Manhattan Beach, and the surrounding Los Angeles communities.

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