Understanding Asset Protection Trust

What are asset protection strategies behind Revocable and Irrevocable Trusts?

Revocable and Irrevocable Trusts have been gaining in popularity recently, but there still needs to be some clarification about their purpose and how they differ.

Revocable and Irrevocable Trusts are designed to protect assets for beneficiaries as well as for the person creating the trust. There are many kinds of trusts, each serving a different purpose. Revocable Trusts can be changed or revoked at any time by their owners, while irrevocable ones cannot be altered or withdrawn.

Revocable Trusts

Revocable trusts can be amended, modified, or even revoked by the owner at any time; this is one of the main differences between revocable and irrevocable trusts. These types of trusts are used to avoid probate fees, which can consume a significant portion of your estate value if left to your heirs through a will.

A revocable trust also allows you to keep your estate in your control until death when it passes directly to your beneficiary without going through probate court. Revocable trusts allow you to specify what happens with your assets should you become incapacitated or die after creating the trust; this enables you to control what will happen with the money from beyond the grave.

Irrevocable Trusts

Irrevocable trusts are best for people who want some assets out of their control for as long as possible; irrevocability means that once you've created an irrevocable trust.

An Irrevocable Trust is a trust that cannot be changed after it has been made. As the trust's grantor, you cannot take back or "revoke" any of the property you have placed in the trust. It also means that any rules you have written regarding who will receive your property or how they will receive it cannot change after the trust has been made.

Trust and Asset Protection Attorney Free Consultation In Utah

If you need legal help, call this law firm and talk with our experienced attorneys about revocable and irrevocable trusts for a FREE consultation.

We help you with Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More

Parklin Law - Estate Planning

5772 W 8030 S, # N206

West Jordan UT 84081

(801) 618-0699

https://parkin-law.business.site/

40.605070, -112.027530

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

Location: Kanab, UT 84741, USA

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