Outlook Money
A revocable trust can be rewritten or revoked; the grantor can change the trustee if someone worthier or more responsible is found.
Irrevocable trusts are unchangeable, and the grantor must relinquish control of the assets placed under the trust to the trustee.
An asset protection trust prevents creditors from controlling assets.
High-value assets can be transferred to a charitable trust to reduce the tax burden by donating a part of their income to charity.
The trust document outlines the terms and conditions of the trust, such as asset management and distribution, the trustee’s powers, and the beneficiaries’ rights.
A will is a legal document naming legal heir/s to distribute assets; a trust is aimed at transferring the assets' ownership to a beneficiary.
Compiled By Himani Verma