What is the difference between a revocable and an irrevocable trust?

A revocable trust can be changed or dissolved by the person who created it at any time while they're alive, offering flexibility but limited asset protection since the assets are still considered theirs. An irrevocable trust generally can't be changed once established, but that permanence is what provides stronger protection from creditors and can offer other advantages a revocable trust doesn't.

How does a trust help avoid probate?

Assets titled in the trust's name pass to beneficiaries according to the trust's terms without going through the probate process that a will typically requires, since the trust technically already owns the assets rather than the individual. This makes the transfer faster, more private, and less costly than probate, which is a major reason people set up trusts even when they also have a will.

Why does a trust need to be funded to actually work?

A trust only controls the assets that have actually been retitled into its name; anything left in the individual's personal name at death still has to go through probate regardless of what the trust document says. An unfunded trust is one of the most common and costly mistakes in estate planning, since the document itself does nothing until the underlying assets are formally transferred into it.

Family & Personal

Trust Agreement

Creates a fiduciary arrangement where a trustee holds and manages assets on behalf of beneficiaries according to specified terms.

Overview

Creates a fiduciary arrangement where a trustee holds and manages assets on behalf of beneficiaries according to specified terms.

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Who Needs This Document?

Individuals with significant assets, parents providing for children, business owners planning succession, and anyone seeking to avoid probate.

When Do You Need This?

Useful for individuals with significant assets who want to avoid probate, provide for minor children, or maintain privacy in estate distribution. Can be created at any time.

Key Provisions

A well-drafted document should include the following essential provisions:

Trust property identification and funding instructions
Trustee duties, powers, and succession
Distribution terms and conditions for beneficiaries
Revocability, amendment procedures, and termination events

Frequently Asked Questions

What is the difference between a revocable and an irrevocable trust?: A revocable trust can be changed or dissolved by the person who created it at any time while they're alive, offering flexibility but limited asset protection since the assets are still considered theirs. An irrevocable trust generally can't be changed once established, but that permanence is what provides stronger protection from creditors and can offer other advantages a revocable trust doesn't.
How does a trust help avoid probate?: Assets titled in the trust's name pass to beneficiaries according to the trust's terms without going through the probate process that a will typically requires, since the trust technically already owns the assets rather than the individual. This makes the transfer faster, more private, and less costly than probate, which is a major reason people set up trusts even when they also have a will.
Why does a trust need to be funded to actually work?: A trust only controls the assets that have actually been retitled into its name; anything left in the individual's personal name at death still has to go through probate regardless of what the trust document says. An unfunded trust is one of the most common and costly mistakes in estate planning, since the document itself does nothing until the underlying assets are formally transferred into it.

Trust Agreement

Overview

Who Needs This Document?

When Do You Need This?

Key Provisions

Frequently Asked Questions

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