Estate Planning 101 by Vicki Cook & Amy Blacklock

Author:Vicki Cook & Amy Blacklock
Language: eng
Format: epub
Publisher: Adams Media
Published: 2021-08-03T00:00:00+00:00

BASIC TYPES OF TRUSTS

Trusts are either inter vivos (“living” trusts) or testamentary (“death” trusts). Inter vivos trusts hold the property you place in the trust and are in effect while you’re living. As mentioned in Chapter 4, a testamentary trust is part of your last will. It directs your representative to create a trust after your death during probate proceedings.

Revocable versus Irrevocable

There are two categories of living trusts: revocable and irrevocable. Even though a trust holds your property, you retain the right to amend or terminate a revocable trust as long as you’re not deemed mentally incompetent.

With an irrevocable trust, you give up all ownership rights to the property you place into it, so you can only modify the trust under certain circumstances.

While you can change your will’s testamentary trust section before death, a testamentary trust is considered irrevocable because it doesn’t go into effect until after your death.

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