A revocable trust might also be referred to as an inter vivos trust or a living trust. This is the kind of trust that can be updated at any point in time, meaning that you have greater flexibility over it. You might decide to make changes over who is listed as the beneficiary inside, and a revocable trust allows you to update your planning strategy as your life needs change.
You can make changes regarding who the trustee of the trust is and who the beneficiary will be. You might even decide through an amendment and reinstatement process to revamp the entire trust.
Assets that are placed inside the trust are considered personal assets for estate tax and creditor purposes. Remember that this doesn’t give necessary protection in the event that you are sued and that they will still be analyzed for Medicaid planning purposes. A revocable living trust can help to provide privacy protection after death and to avoid probate. There are also tax implications of a revocable trust that you can discuss with an estate planning attorney.
There are many different types of trusts out there, and a revocable one is often appropriate for those people who want to make changes down the road. If you feel as though you know what you want and that it’s unlikely to change, you might be better off consulting with a lawyer about an irrevocable trust. A sit-down meeting with a Georgia estate planning lawyer can help you clarify your intentions and choose a trust most appropriate for your family’s needs.