Revocable vs. Irrevocable Trusts

Miller Estate and Elder Law

In this episode, attorney Bill Miller discusses the differences between revocable and irrevocable trusts. Revocable trusts are flexible and allow the grantor to be the trustee and beneficiary while alive. These types of trusts avoid probate and can be amended or modified at any time. On the other hand, irrevocable trusts provide asset protection from creditors and nursing homes, but require the grantor to give up control of the assets. These trusts are less flexible and harder to change.

Both revocable and irrevocable trusts have their uses and can be tailored to individual needs.

Takeaways

• Revocable trusts are flexible and allow the grantor to be the trustee and beneficiary while alive.
• Irrevocable trusts provide asset protection from creditors and nursing homes, but require the grantor to give up control of the assets.
• Revocable trusts avoid probate and can be amended or modified at any time.
• Irrevocable trusts are less flexible and harder to change.

Chapters

00:00 Introduction and Disclaimer

01:00 Overview of Trusts

02:55 Revocable Trusts

06:30 Funding and Successor Trustees

07:59 Revocable Trusts vs. Wills

09:29 Naming the Trust as a Beneficiary

10:39 Standby Special Needs Provisions

11:58 Instructions and Limitations in a Revocable Trust

12:28 Flexibility and Real Estate in Multiple States

14:35 Continuity of Asset Management

15:36 Avoiding Family Fights and Drama

16:06 Blended Families and Asset Disposition

17:35 Flexibility and Limitations of Revocable Trusts

19:19 Drawbacks of Revocable Trusts

20:14 Introduction to Irrevocable Trusts

21:26 Asset Protection from Creditors and Nursing Homes

23:19 Giving Up Control in Irrevocable Trusts

25:24 Differences Between Revocable and Irrevocable Trusts

27:06 Conclusion

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