Columbus Irrevocable Trust Lawyers
Helping Clients Protect Their Assets
An irrevocable trust is a trust that cannot be revoked or modified. This is in contrast to a revocable trust, which can be modified or revoked at any time during the trustor's lifetime.
An irrevocable trust is often used for estate planning purposes. The trustor can place assets into the trust, and then the trust will be managed by a trustee. The trustor may also become the beneficiary of the trust, and will be able to benefit from the trust's assets.
However, the trustor will not be able to revoke or modify the trust. The trustee will manage the assets as they see fit, and the trustor can only benefit from the trust's assets.
The trustor can also appoint a successor trustee, in case the original trustee passes away or becomes unable to manage the trust. This way, the trust will still be able to benefit the trustor or their beneficiaries.
What Is the Difference Between a Regular Trust and an Irrevocable Trust?
The primary difference between an irrevocable trust and a regular trust is that an irrevocable trust cannot be revoked or modified. This means that the trustor cannot change the terms of the trust, or take back the assets that have been placed into the trust.
However, a trustee can still manage the trust's assets as they see fit. An irrevocable trust is often used for estate planning purposes, as it allows the trustor to keep their assets outside of their estate. This way, the trustor can avoid paying estate taxes, and their assets will be managed by a trustee instead of the government.
Why Should I Set Up an Irrevocable Trust?
An irrevocable trust can be beneficial for many people, since it allows the trustor to keep their assets outside of their estate. This means that the trustor can avoid paying estate taxes, and their assets will be managed by a trustee instead of the government.
However, an irrevocable trust can also be beneficial for the trustor's beneficiaries. If the trustor has minor children, they can be named as beneficiaries of the trust. This way, the trustee can manage the trust's assets as they see fit, which can help provide for the trustor's children.
An irrevocable trust can also be beneficial for the trustee, since they will be able to manage the trust's assets as they see fit. They may be able to invest the trust's assets in a more profitable way, or use the trust's assets to benefit other people.
How Can I Create an Irrevocable Trust?
Creating an irrevocable trust can be a complicated process, especially if the trustor has never set up a trust before. However, the attorneys at Morgan Law Offices LLC can help make the process easier. We have years of experience helping clients set up irrevocable trusts, and can make sure that the trustor's assets are protected.
Contact Our Columbus Irrevocable Trust Lawyers
Our attorneys can help make sure that the trustor's assets are placed into an irrevocable trust, and can help make sure that the trustor's beneficiaries are protected. We can also make sure that the trustor has a successor trustee, in case the original trustee passes away or becomes unable to manage the trust.
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