The inequity in the middle of a Revocable Living Trust and a Non-Revocable Living Trust

Revoke General Power Of Attorney - The inequity in the middle of a Revocable Living Trust and a Non-Revocable Living Trust

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A living trust is a trust that exists and is operational while your lifetime. Such a trust may be set up for many different purposes and may be revocable or non-revocable.

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Revoke General Power Of Attorney

Just for clarification, a trust that doesn't come to be active until your death is called a testamentary trust. 

By far, the most common living trust is a revocable living trust. "Revocable" means it may be closed at will by any of the persons who created it. The former fancy these trusts are created is to avoid the nightmares of probate court that occur after the death of the person(s) who created or set up the trust.

There are many other benefits of such trusts, such as avoidance of estate taxes for the heirs, creating special needs trusts for heirs with difficulties, disinheriting heirs, protecting family businesses, and many others, but avoiding probate is approximately always the important fancy for a revocable living trust.

Were such a trust not revocable, it would not be practical for the above purposes for virtually all persons.

Non-revocable, or irrevocable trusts are commonly used for transfer of assets while one's lifetime, often for tax purposes. For example, an irrevocable trust could be established to contribute earnings to distinct heirs while their lifetime, with the assets going to charity after the heir's deaths. This is often used to avoid estate taxes. The creator, however, cannot revoke and regularly may not turn the terms of the trust or take back the assets. They are no longer owned by the inventor of the trust.

The important disagreement in the middle of the two types of living trusts is that with a revocable trust, the inventor of the trust continues to own and control the assets settled into the trust; and with a irrevocable trust, the inventor of the trust gives up rights and control of the assets. There may be exceptions to this general explanation, but these are the important distinctions.

For exact answers to personal situations, it is always best to consult with a local attorney with experience is this area of the law.

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