EXPLORE THE OPTIONS
Different trusts.
Different questions.
Names are only a starting point. Understand the purpose, terms and responsibilities behind them.
01 / FLEXIBILITY
Revocable trusts
A revocable trust can be revoked under its terms. Ask who may change it, what happens if capacity changes and how assets will be managed.
Ask: Which powers would I retain?
02 / COMMITMENT
Irrevocable trusts
An irrevocable trust generally limits the ability to change or end the arrangement. Ask an attorney to explain any available exceptions and the consequences before proceeding.
Ask: What control would I give up?
03 / TIMING
Living trusts
A living trust is created during a person’s lifetime. The term describes timing; it does not by itself explain every management or tax feature.
Ask: How would it operate during my lifetime?
04 / A WILL’S INSTRUCTIONS
Testamentary trusts
A testamentary trust is established through a will and takes effect after death as property passes into it.
Ask: How does it fit with the rest of my estate plan?
These categories can overlap.
A living trust may be revocable or irrevocable. Ask your advisor to explain each feature separately rather than choosing a plan by its name alone.
YOUR NEXT CHAPTER
A better conversation starts
with better questions.
Bring a clear list of priorities to your next conversation with a qualified professional.