What are the advantages and disadvantages of using an irrevocable trust instead of a will?

There are a lot of advantages to using an irrevocable trust instead of a will, but there are also some major disadvantages to an irrevocable trust.

To start with the positives, irrevocable trust allows you to have more control over the distribution of your assets and property because it is managed by an independent trustee who makes decisions based on their own judgment. You don't have to name a guardian for your children or spouse if you don't want to. You can also decide how you'd like to distribute your property—you can designate certain portions of it to each of your kids and give them control over that piece or they can each get an equal share. Many people choose this option because they feel it gives them more flexibility than leaving everything to one person and then having to change the will later if there's a dispute between the siblings or if the beneficiary doesn't comply with the terms set in the will.

irrevocable trust lawyers near me

On the downside, though, there are a number of reasons why using an irrevocable trust instead of a will could cause more problems than it solves. First of all, when you leave property using an irrevocable trust, you lose control of the property as the property becomes owned by the trust. Also, remember that the word irrevocable means you can’t change it. It’s fixed and immovable.

The most significant advantage to using an irrevocable trust instead of a will is that your assets can be transferred to your loved ones without the threat of lawsuits. If you die without a will (this happens more often than you might think), the state in which you reside dictates how your property must be distributed. In many cases, this results in a costly and time-consuming court proceeding known as probate. An irrevocable trust provides an alternative to probate, ensuring that your assets are directed to their rightful owners.

These can be complex and although this is general knowledge, please make sure you speak with a licensed attorney in your jurisdiction.

Parklin Law LLC

5772 West 8030 South, Unit N206

West Jordan, UT 84081

(801) 618-0699

https://parklinlaw.com/advantages-of-using-a-trust-over-a-will/

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