Irrevocable Trusts
In creating the Trust, the Trustors may reserve the right to amend the provisions of their Living Trusts and transfer assets in and out of the Trust at any time during their lives (“Revocable Trusts”); or they may otherwise choose to preclude any amendments to the provisions of the Trust or the transfer of assets out of the Trust after its creation (“Irrevocable Trusts”).
Irrevocable Trusts may provide better protection of assets under certain circumstances, but may not allow the flexibility that most Trustors wish to maintain in order to accommodate changing circumstances over time.
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