How do you decide if a revocable or irrevocable Trust is correct for you?

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How do you decide if a revocable or irrevocable Trust is correct for you?

Asked on October 12, 2013 under Estate Planning, New York

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

With a revocable trust, you maintain control over the assets to a degree you cannnot with an irrevocable trust. On the other hand, with a revocable trust, the tax consequences are very different, as is how the trust is handled on your death--that's because due to the revocable nature of the trust, the assets in it are effectively still yours and have not been alienated from you. A revocable trust and an irrevocable trust are therefore entirely different animals; which is better depends on your goals and the circumstances. This is not a question for which there is a one-size-fits all answer; you should consult with a trusts-and-estates attorney and possible also a CPA to decide which better meets your needs.


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