What Revocable Trusts Can, and Cannot, Do For Your Estate Plan

Although your Last Will and Testament will likely serve as the foundation of your estate plan, a comprehensive estate plan should include far more than just a Will. A well thought out estate plan can help you achieve a wide range of goals and objectives by incorporating the right estate planning tools and strategies. While no two estate plans are identical, there are some commonly utilized tools and strategies, such as a trust agreement. Though once used almost exclusively by wealthy families as a way to control the family wealth for many generations to come, trusts have evolved to the point where they are now commonly found in the average person’s estate plan. Though there are numerous specialty trusts used to accomplish specific goals, all trusts are first divided into two broad categories – testamentary and inter vivos (living) trusts. Living trusts are then further divided into revocable and irrevocable trusts. Knowing what revocable trusts can, and cannot, do for your estate


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