When you learn that there are revocable trusts and trusts that you cannot revoke, you may wonder why you would sacrifice the flexibility. This makes sense on the surface, but there are some good reasons why this can be beneficial. In legal parlance, you surrender incidents of ownership when you establish an irrevocable trust, because you cannot act as the trustee, and you cannot revoke the trust. To put it more simply, you get the assets out of your own name by conveying them into the … [Read more...] about An Irrevocable Trust Can Satisfy These Three Objectives
Trusts are legal devices that are often misunderstood. If you establish a trust, you make the trust the owner of the property that you convey into it. This can lead you to the belief that you will never have access to the assets again after you fund the trust. While this is a reasonable assumption, it is not entirely true. There are different types of trust, and the level of access will depend on the individual trust and the purpose that it serves. Irrevocable Trusts An irrevocable trust is … [Read more...] about Can You Access Assets in a Trust?