Revocable Vs. Irrevocable Trusts

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When it comes to estate planning, understanding the difference between revocable and irrevocable trusts is crucial. These two types of trusts, while similar in some respects, offer distinct advantages and disadvantages. A revocable trust, for instance, provides flexibility as it can be modified by the grantor. On the other hand, an irrevocable trust, once created, is nearly impossible to change. This rigidity can be a downside but it also offers stronger protection from creditors and potential estate taxes. Deciding between a revocable trust and an irrevocable trust ultimately depends on individual needs and circumstances. It is an important decision that can greatly impact one’s financial affairs and estate plan. For more information on this important decision, contact an experienced Arizona estate planning attorney, such as Harrison Law, PLLC. Call (480) 320-2310 today to get started.

What Is a Revocable Trust?