Revocable vs. Irrevocable Trusts

Revocable vs. Irrevocable Trusts

Deciding between a revocable or irrevocable living trust can be difficult. Revocable trusts are more flexible and allow the settlor — the person who creates a trust — continued access to the trust property.

However, irrevocable trusts have tax and protective benefits that revocable trusts do not have. At Fox, Shjeflo & Babu LLP, our San Mateo County trust lawyers can analyze your situation and your goals to determine what type of living trust best serves your needs.

Benefits of a revocable trust

A revocable trust works much like any other classification of trust. With the help of a San Mateo County living trust attorney, a settlor creates a trust that designates a trustee and beneficiaries. The trustee then manages the funds for the benefit of the beneficiaries in accordance with guidelines established in the trust document. The advantage is that the settlor can modify or revoke a revocable trust at any time, allowing him or her to take back the property in the trust should he or she decide to do so.

There are, however, some disadvantages:

Benefits of an irrevocable trust

The obvious disadvantage of an irrevocable trust is the lack or flexibility. To establish an irrevocable trust, the settlor must completely and permanently surrender control over the trust property. This can be a big decision and you should not make it without first consulting a San Mateo County trust attorney.

Conversely, irrevocable trusts offer the following advantages that revocable trusts do not offer:

The skilled attorneys at Fox, Shjeflo & Babu LLP can, in many cases, help clients protect assets from future claims.

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