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For many people, adding an irrevocable trust to their estate plan can be highly beneficial. It all depends on your unique situation, as not all estate planning tools are suitable for everyone.
If you have questions about estate planning in Chandler, AZ, we invite you to contact Walk-In Wills today. Our team of attorneys have experience with all sorts of circumstances, including those that warrant irrevocable trusts. With our assistance, you can rest assured that your estate will be handled correctly after you’re gone.
An irrevocable trust allows you to take assets out of your name and assign ownership to the trust itself. Once the trust has been created and funded with assets, it becomes exceedingly difficult to alter the terms. For instance, you must get the approval from the beneficiaries of the trust to make any changes after it’s been created.
By placing assets into a trust, they no longer need to pass through probate court. That means you can avoid some of the expense and complications associated with this process, while also ensuring that your heirs receive assets in a timely manner. Additionally, assets held within the trust cannot be accessed by creditors, which is not the case when you use a will to disperse assets to loved ones.
Irrevocable trusts also give you greater control over how assets are dispersed. For instance, you can require an heir to reach a certain age or accomplish a particular goal, such as graduating from college. As a result, a trust provides peace of mind that heirs will use funds conscientiously.
The major drawback of irrevocable trusts is they can’t be changed by you after being created. It’s possible to alter trusts in some circumstances, but the process is a lot more challenging than with revocable trusts. That’s why you must carefully consider which option is best for your estate before moving forward.
While you must consult with an attorney before making decisions related to your estate plan, there are certain times when an irrevocable trust makes sense:
If you’re not sure whether an irrevocable trust is right for you, we urge you to reach out to Walk-In Wills today.
