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Online Asset Protection Quiz.

What is the difference between a revocable trust and an irrevocable trust?

The revocable trust is just that, revocable. You may change, amend, cancel, or otherwise change the revocable trust during your lifetime. Upon your death, the trust becomes irrevocable. You may also retain benefits from a revocable trust during your lifetime. On the other hand, the irrevocable trust does not allow for the flexibility of change. Once an irrevocable trust is executed, it cannot be changed. However, some irrevocable trusts are written with instructions to the Trustees or beneficiaries to allow for the terms of the trust to be modified under specific limited circumstances.

Categories: Asset Protection
The Presser Law Firm, P.A. - Asset Protection Attorney
Located at 6199 N. Federal Highway Boca Raton, FL 33487. View Map
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