25 Kenoza Avenue Haverhill, MA 01830

Phillips, Gerstein & Channen, LLP

Call Today

978-374-1131

  • Welcome
  • Firm Overview
  • Attorney Profiles
    • Michael A. Gerstein
    • Russell S. Channen
    • Jane M. Owens Triano
    • Lora M. McSherry
  • Practice Areas
    • Business Law
    • Civil Litigation
    • Estate Planning
    • Family Law
    • Personal Injury
    • Real Estate Law
    • Tax Law
  • Legal Blog
    • Articles
    • Case Results
  • Contact Us
  • Welcome
  • Firm Overview
  • Attorney Profiles
    • Michael A. Gerstein
    • Russell S. Channen
    • Jane M. Owens Triano
    • Lora M. McSherry
  • Practice Areas
    • Business Law
    • Civil Litigation
    • Estate Planning
    • Family Law
    • Personal Injury
    • Real Estate Law
    • Tax Law
  • Legal Blog
    • Articles
    • Case Results
  • Contact Us

What is the difference between a revocable and irrevocable trust, and which needs do they serve?

Homepage > Articles > What is the difference between a revocable and irrevocable trust, and which needs do they serve?
What is the difference between a revocable and irrevocable trust, and which needs do they serve?

The ability to change is at the heart of the difference between revocable and irrevocable trusts. Revocable trusts take their name from the trustee’s ability to “revoke” (i.e. change) provisions of the trust agreement after signing. These changes could include adding or removing beneficiaries of the trust by amendment or even dissolving the entire trust. Unless a successor trustee is named in the trust agreement, a revocable trust becomes irrevocable upon the death of the person or persons who formed it.

Revocable trusts can be an important tool in estate planning. Like a will, they offer a flexible option in assigning responsibilities and dividing property after one’s death. Unlike a will, however, revocable trusts do not need to be submitted to probate and will remain private. The value and division of one’s estate will not be known and thus not become a source of public speculation or possible family conflict.

Additionally, through the appointment of a successor trustee and a disability clause, a revocable trust can be used to transfer one’s property during life if one should develop dementia or another condition that prevents management of the estate.

Irrevocable trusts, by analogy, cannot be changed after signing; there is no going back on decisions made or property assigned. Irrevocable trusts are more often used near the end of life to assign one’s property to another, thus avoiding estate taxes.

Call our office today to discuss which trust or other financial instrument best suits your estate-planning needs.

Share this:

  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Twitter (Opens in new window)
estate planning irrevocable trusts Revocable trusts
Previous StoryWhat does a lawyer do at a home sale closing?
Next StoryMy neighbor allows her dog to run loose. While walking my own dog, theneighbor’s bit me. What recourse do I have under the law?

Leave your comment Cancel Reply

You must be logged in to post a comment.

Call (978) 374-1131

Categories

  • Articles
  • Business Law
  • Estate Planning
  • Family Law
  • Personal Injury
  • Real Estate Law

Tags

adoption Adverse Possession alimony annulment asset division Auto Accident Business Law buying a home Car Accidents child custody Child Support Co-Parenting Coronavirus COVID-19 Divorce dog bite elder care estate planning Family Law homestead incorporating injury irrevocable trusts Landlord landlord tenant Last Will and Testament LLC Lyft Marijuana Law Massachusetts homestead law Noncompete Agreements Personal Injury premisis liability prenup prenuptial real estate Real Estate Law Revocable trusts security deposit Slip and fall The Homestead Act Uber Workers' compensation Wrongful Death Wrongful Death Claim

Contact Us

    (978) 374-1131

    (978) 372-3086

    25 Kenoza Avenue
    Haverhill, MA 01830

    Phillips, Gerstein & Channen, LLP is a law firm in Haverhill, Massachusetts. Our firm represents clients from Massachusetts cities throughout Merrimack Valley including Andover, North Andover, Boston, Methuen, Newburyport, Lawrence, Gloucester, Merrimac, Amesbury, Lowell, Groveland, West Newbury, Georgetown, and Rowley, and New Hampshire cities including Salem and Plaistow. We represent clients in Essex County, Middlesex County, and Suffolk County in Massachusetts and Rockingham County and Hillsborough County in New Hampshire.

    © 2018 by Phillips, Gerstein & Channen, L.L.P. All rights reserved. Disclaimer | Site Map | Privacy Policy | Marketing by Bardorf Legal Marketing

    Call Now Button
    Email Us
    close slider

    Get A Case Evaluation

    We are happy to provide a consultation to all first time clients.

    Please complete the form below and we will contact you.