While many people only think of the last will and testament when they start planning their estate, there are several other ways to ensure your loved ones receive your assets. In fact, a revocable or irrevocable trust could be your best option. For personalized assistance with your estate planning documents, turn to trust attorney Philip Bryce Attorney at Law in Knoxville, TN.
Attorney Philip Bryce has over 30 years of experience providing sound legal services and financial guidance. Call today to discuss trusts and other important estate planning documents.
Revocable and irrevocable trusts achieve largely the same goals: they both allow the grantor to hold assets and property for a variety of uses. But there are several key differences that will determine which type of trust you should use.
Here are some of the main differences:
A revocable trust allows the grantor to revise it and access it, while an irrevocable trust does not
An irrevocable trust can't ever be touched by creditors, while a revocable trust will not be protected
In the event of a divorce or lawsuit, an irrevocable trust can't be accessed but a revocable trust can
A revocable trust Is still let in the grantor's name and control, meaning you could pull money out or make revisions to the terms at any time. This can be convenient, but also leaves the assets exposed to outsiders and creditors.
During your consultation, trust attorney Bryce will walk you through all of your options so that you can make an informed decision.