The difference between a Revocable Trust and Irrevocable Trust primarily has to do with whether changes can be made after the trust has read. Most irrevocable trust I'd like to think of them is tablets coming down from the mountain they are written in stone and there is a very minimal opportunity to change them later. This is good and bad we want our wishes to be known permanently and we want to be able to rely on them for tax reasons and for other reasons that require that they be permanent and unchangeable. Revocable trusts can be change anytime that you wanna change them, you can change them a hundred times if you want to. We recommend that in most people like who want to changes during their lifetime, do changes in circumstances or changes in the law, family situations changing. But irrevocable living trust, you can change in the time you need to. In any time or in any capacity you will die. We have a special power we put into in many trust, the trust that we call trust protector or trust advice. In trust advice you can minor adjustments even after your death in order for the trust to comply with current laws. Here's something special we can do.
Now what I'd like you to do is go to my website and find out how you can get a FREE review of your existing trust documents to see if they come to our standards. I can also arrange for you to get free access to 20 videos that answer your most often asked questions. They give you some guidance as to what you should be looking for. Now, if you don't have existing trust documents or you have a particular question that's been bothering you, you're welcome to call my phone number which is 773-905-1193 and we'll set up a complimentary consultation.
Trust Attorney in Palos
My Trust Lawyer -- Tom Olofsson 9924 S. Walden Pkwy Chicago, IL 60643 (773)905-1193