Before you commit to adding a trust to your estate plan, make sure you understand the differences between revocable (also called “living”) and irrevocable trusts because each offers advantages and disadvantages, depending on their purpose.
There are a number of different kinds of trusts, but they fall into two basic categories: testamentary and inter vivos.
Revocable trusts are an effective way to avoid probate and provide for asset management in the event of incapacity as well as achieve many other goals, including tax, long-term care, and asset-protection planning.
