Some people contemplate setting up a trust when they reach or are near retirement age. The process can be quite complex, though. You will also need to decide between a revocable trust and an irrevocable trust. You would be wise to involve a probate lawyer if you aren’t clear about the difference.
With a revocable trust, you have the flexibility to make changes at any time. This includes transferring property and assets, undoing a transfer, or terminating the trust altogether. A revocable trust, though, does become irrevocable in the event that you die or are no longer able to competently make your own decisions.
An irrevocable trust is the opposite. This means once the trust is established and signed, you relinquish all control. Changes can only be made with the permission of the trustee and the beneficiary. [Read more…]