Irrevocable vs. Revocable Trusts: Understanding the Pros and Cons

Trusts are legal arrangements that help manage assets and property during and after an individual’s lifetime. There are two types of trusts: irrevocable trusts and revocable trusts. Irrevocable trusts cannot be modified or terminated once created, offer asset protection and estate tax benefits, but involve a loss of control and are inflexible. Revocable trusts can be modified or revoked, offer flexibility and probate avoidance, but do not offer asset protection or estate tax benefits. Consult with Corey Szalai Law, PLLC to determine which type of trust is right for your situation.