Considering a Trust…know the differences. A revocable trust allows the grantor (the person creating the trust) to change or terminate the trust at any time during their lifetime, while an irrevocable trust cannot be easily modified once established, meaning the grantor loses control over the assets transferred to the trust; essentially, a revocable trust offers flexibility while an irrevocable trust is “locked in” with limited ability to make changes. #livingtrust #revocabletrust #irrevocabletru

243 reactions · 97 shares | What's the difference between a revocable and irrevocable trust? #estateplanning #assetprotection #willsandtrusts | MP Estate Planning UK | Facebook

the trustee is the person that controls the property inside of a trust. For most of my clients, I set up a revocable living trust. That means that while you are alive, and you are in complete control of the trust. Once we are gone, we need to select a successor trustee. The successor trustee has the legal control of the property inside of the trust. But that doesn’t mean they get to do whatever they want with it. They have to follow the rules of the trust, as the trust was initially set up. #Est