A Revocable Living Trust is one of the most important estate planning tools, and it can be changed at any time. It is a private legal arrangement that can provide for investment management during disability as well as plan for distribution of assets at death. A Living Trust helps to avoid Probate Court and the often exhorbitant fees associated with Probate. With a Living Trust, you decide who will handle your affairs if you become disabled. You can ensure that your assets go to whom you want, when you want, at the least cost, all while maintaining your privacy.
An Irrevocable Trust is a trust that usually cannot be changed once it is executed. A Revocable Trust, by design, becomes an Irrevocable Trust after the Trustmaker dies, therefore, ensuring the Trustmaker’s wishes are fulfilled.