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McCurrie McCurrie
& McCurrie, L.L.C.

680 Kearny Avenue
Kearny, NJ 07032-3010
Phone: (201) 467-4180
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What are revocable and irrevocable trusts?

Many people know that creating a trust is a way to ensure that your plans for your estate will be followed when you pass away. Some people might not realize that when you create a trust, you have to decide if it is a revocable trust or an irrevocable trust.

What is a revocable trust?

A revocable trust is one that you can modify, change, alter or revoke. This type of trust is one that you make while you are still living. A revocable trust doesn't protect your assets since the assets that are transferred to the trust can be available to your creditors. Generally, a creditor will find it difficult to obtain the assets since they will have to petition the court to gain access to them. Upon your death, a revocable trust converts over to an irrevocable trust since you aren't alive to change it. A revocable trust usually allows assets held in it to bypass the probate proceedings.

What is an irrevocable trust?

An irrevocable trust is one that can't change at all once it is created. It can't be modified or revoked after it is created. There isn't a way to remove assets from the irrevocable trust after the creation. This means that you should only create an irrevocable trust if you are completely certain you won't want to change your mind down the road.

Deciding to create a trust is a big decision for anyone. While these are two simple types of trusts, there are several others that you might need to consider before you decide on which is the one you want to use.

Source: FindLaw, "Types of Trusts," accessed April. 09, 2015

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