Should I Use a Revocable or Irrevocable Trust?

The process of estate planning involves a great deal of decision-making. There are different estate planning devices that can be utilized, and it is important to make the right choices. Many people assume that a will is the ideal estate planning document, but in fact, a trust can be preferable in many instances. You have to understand the fact that there are different types of trusts. Some trusts are revocable, and there are trusts that cannot be revoked or rescinded. The best type of trust for you would depend on your unique set of personal circumstances. If you are not concerned about estate taxes or asset protection, you could use a revocable living trust. With this type of trust, you have the right of revocation, so you can change your mind and dissolve the trust if you ever choose to do so. Plus, you can act as the trustee while you are living, so you would have total control of the trust while it is intact. After you die, a trustee that you name in the trust declaration would be


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