7 min

Revocable or Irrevocable Trust: Which is Right for Me‪?‬ Absolute Trust Talk

    • Business

When we first begin working with a client who is setting up their estate plan and, more specifically, building a trust, the number one question we always get is whether they need a revocable or an irrevocable trust. For us, this is always an interesting and fun conversation because as soon as the client hears the difference, they immediately know which tool they need. 
Not to give it all away, but the standard option is the revocable trust; however, there are certain instances in which the irrevocable trust is needed—there is no one-size-fits-all approach to estate planning. So, which trust is right for your specific circumstance? Press play and listen in for more details, and of course, when you meet with your estate planning attorney, they will help ensure you’re making the right decision to protect your loved ones and your future. 
Time-stamped Show Notes: 
0:00 Introduction
0:55 A revocable trust is what we typically do in our practice, which gives you control over everything in your trust, you are in charge. 
1:10 An irrevocable trust is used to give everything away; you can’t change it. 
1:58 Next, Madison discusses in more detail why you would want to use an irrevocable trust and how they are set up. 
4:40 If you’re worried about being sued, that may be another issue. Your trust isn’t generally going to protect you from something like that. Here’s what you need to know. 

When we first begin working with a client who is setting up their estate plan and, more specifically, building a trust, the number one question we always get is whether they need a revocable or an irrevocable trust. For us, this is always an interesting and fun conversation because as soon as the client hears the difference, they immediately know which tool they need. 
Not to give it all away, but the standard option is the revocable trust; however, there are certain instances in which the irrevocable trust is needed—there is no one-size-fits-all approach to estate planning. So, which trust is right for your specific circumstance? Press play and listen in for more details, and of course, when you meet with your estate planning attorney, they will help ensure you’re making the right decision to protect your loved ones and your future. 
Time-stamped Show Notes: 
0:00 Introduction
0:55 A revocable trust is what we typically do in our practice, which gives you control over everything in your trust, you are in charge. 
1:10 An irrevocable trust is used to give everything away; you can’t change it. 
1:58 Next, Madison discusses in more detail why you would want to use an irrevocable trust and how they are set up. 
4:40 If you’re worried about being sued, that may be another issue. Your trust isn’t generally going to protect you from something like that. Here’s what you need to know. 

7 min

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