Wills and Trusts, the Cornerstones of Estate Planning
Why Do I Need a Will?
Can a Trust Agreement Help Me?
There are various forms of trusts to suit your needs. The most common trusts are the revocable living trust and the irrevocable trust.
- The term revocable indicates that the trust provisions can be changed at any time and property can be removed from the trust. A revocable trust can contain a spendthrift provision, which can limit a minor child’s access to the property until he/she reaches a certain age, or meets some other condition.
- An irrevocable trust, on the other hand, sets the trust provisions in stone, and once property is transferred to the trust, the property belongs to the trust. Sometimes an irrevocable trust will be used to limit a minor child’s access to a trust, or trust property.
If you interested in learning more about estate planning, the experienced and caring attorneys at Bellah Perez can you help you determine which estate tool best fits your unique circumstances.