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He nearly died from being kicked by a horse at age 10. At 23, he served in a militia during the Black Hawk War. He was at one time challenged to a saber duel. As President, he survived an assassination attempt. Yet, after spending most of his life with a keen sense that death was imminent and although he was, himself, a lawyer, Abraham Lincoln died with no living trust, no will, and no say-so in how his estate was to be dispersed after his passing.
Fortunately, if you are reading this blog, you’ve already one-upped old Honest Abe in this category. Since trusts are becoming one of the more favored methods of preserving and handing over wealth to the chosen few, it would be a good idea to understand the basic differences between two types of trust instruments – Revocable and Irrevocable.
Just as it sounds, is set up in a way that it cannot be modified or changed without special permission from all beneficiaries as well as the assigned trustee. The purpose of this is to ensure that the beneficiaries (surviving loved ones) are well taken care of after your passing.
The permanent nature of the trust is also intended to protect beneficiaries from themselves (through potential poor stewardship of their share of the trust) and from each other (through fighting over who gets what and who does what with their share).
Note: Living or revocable trusts (as explained below) will become irrevocable upon the death of the person who created it.
A revocable trust then, is, as you might have guessed, changeable. When you create a revocable trust you do so to hold, for example, your investments, real estate, and business assets. A trustee is assigned to hold legal possession of these assets on behalf of you, the creator of the trust, and your beneficiaries.
Protection is the name of the game for living trusts. On behalf of your estate and the loved ones who will benefit long after you’re gone, a living trust provides a protection.
Guidance For Your Living or Irrevocable Trusts
The time to start the conversation is now. Kamerow Law Firm, PLLC attorneys have an extensive understanding of estate planning law. Let us work with you to reach the best strategy for the protection of your assets, avoiding probate and caring for your loved ones sin the future.
Contact us today to schedule a free initial consultation. Call 703-370-8088.