When creating a trust, most people create a revocable trust. A revocable trust, which is has several key differences from an irrevocable trust. Both allow for transfer of property to heirs without the need of a probate court, which saves time, money, and protects the privacy of all parties involved. However, in some situations, a revocable or an irrevocable trust may be more useful to all parties involved.
Because most people do not know all the ins and outs of revocable trusts, there are a number of different myths surrounding them. Some of these myths are simply misinformation, while others are wildly untrue. If you’re thinking of creating a revocable trust, it is important to speak with an attorney who specializes in revocable trusts first, so that you understand exactly what the trust will do.