What is the Difference Between an Irrevocable and a Revocable Trust?
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Whether a trust is irrevocable or revocable depends on whether you reserve the right to change your mind during your lifetime. There are many different kinds of trusts, some which need to be irrevocable and some which can be either.
Generally, if you need to get assets out of your estate, or protect them from things like the cost of long term care or creditors, the trust needs to be irrevocable. This means you should make sure you strike the right balance between access to liquid assets during your lifetime and asset protection before executing an irrevocable trust. A revocable trust can accomplish many other things, like avoiding probate and managing assets for your heirs, but you can revoke or change it as needed during your lifetime. Just know that these trusts will not generally protect your assets from creditors or taxes. Learn more here about irrevocable and revocable trusts in Massachusetts. |
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