Revocable vs Irrevocable Trusts

Revocable trusts are commonly used to avoid the probate administration process, related court costs and taxes that are dependent on the value of a person’s estate assets at death. These trusts are also utilized in the case of a second marriage or if a person owns property in different states. Finally, revocable trusts can typically be changed, amended, or terminated at any time by the grantor.

Irrevocable trusts are typically used for asset protection purposes to preserve a person’s assets from the immense cost of long-term care, particularly skilled nursing care. These types of trusts cannot usually be changed, amended, or terminated by the grantor and are more thoroughly discussed in the Elder Law section of our website.