Trusts are estate-planning tools that can both supplement and complement wills, effectively allowing a person to benefit from and manage many types of assets and property during life and even after. Trusts have the added benefit of avoiding probate, unlike a will, and can allow for a smoother and faster distribution of estate assets to heirs and beneficiaries.
There are many types of trusts, but the most basic types are revocable and irrevocable.
Revocable
Often called a living trust, revocable trusts are created during the lifetime of the trustor. The trustor transfers the title of a property to a trust and then serves as the initial trustee. The revocable trust can be altered, changed, modified or revoked entirely during the trustee’s lifetime, allowing for a flexible device for managing estate assets.
Irrevocable
An irrevocable trust is one that typically cannot be altered, changed, modified, or revoked after its creation. Once property is transferred to an irrevocable trust, no one, including the trustor, can take or modify property in the trust. One main benefit this type of trust offers is asset protection for estate assets and property.
Due to the complex process of setting up a will and trust, it’s important to get advice and help from an experienced estate planning attorney to ensure everything is set up correctly. Be sure to contact one of our estate planning attorneys at Hillyard, Anderson, Olsen to learn more about setting up your own trust and the steps you should be taking during the estate planning process. We’re here to answer any questions you may have. To schedule your appointment with us, give us a call at 435-752-2610.
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