If you create a living trust, you still have a lot of freedom. You can typically revoke the trust or make alterations as you see fit. This could include adding more assets to the trust or removing assets as you need them.
This is often attractive to those who do not want to have an irrevocable trust because they dread that loss of control over their assets. They worry about what the future holds and do not want to make any mistakes that could impact them in years to come.
If you’re thinking about using one of these trusts, you should know that it becomes irrevocable after you pass away. No one can change it. This protects what you actually wanted the trust to do. Your heirs cannot change anything that you laid down as far as what is contained within the trust, what should happen to those assets and more.
As such, you are the only person with any power to alter your trust. You get the freedom over your assets while you are still alive, you get the protections that a trust can provide, and you get the peace of mind of knowing that your wishes will be followed after you pass away. There is a reason that living trusts are so popular.
Are you thinking about using one as part of your estate planning? As with every other step in this process, it is very important for you to know what legal rights you have, what options are open to you and how you can best utilize them.
