Does your trust allow you to change your mind? Does it allow someone else to change your mind?
While trusts are not necessary for all my clients, many of them are interested in avoiding probate and after exploring all the options find that a trust will be the best way to do that. A common question comes up once a client decides to use a trust: should the trust be revocable or irrevocable? There is a lot of confusion out there about the difference between a revocable and an irrevocable trust. Let’s look at the differences and discover why for most people, a revocable trust is the way to go.