Revocable vs. Irrevocable Trusts
Once you understand the nature of a trust, you'll need to decide on the type of trust that best serves your purposes. Among the considerations is flexibility of the trust's provisions.
A revocable trust is a trust that can be amended or revoked by the trustor after it is created. In contrast, an irrevocable trust cannot be amended or revoked by the trustor after it is created.
A revocable trust becomes irrevocable upon the trustor's death, since the trustor is no longer able to change or revoke the trust.
Trusts designed to avoid federal estate taxes are often drafted to be irrevocable (but not always, as in the case of the bypass trust), while trusts designed only to avoid probate court frequently are revocable. Avoidance of both probate court and estate tax at the same time is more difficult.
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