Revocable Vs. Irrevocable Trusts

With the right Unincorporated Business Organization or Common Law Contract Trust or Christian Charity/(Charitable) Religious Trust no matter your line of business the trust can work for you to help you accomplish your goals of asset protection and tax or probate relief and privacy. But the trust must be done right so nobody can take over all your assets and wealth. There are many types of trusts, but a major distinction between them is whether they are revocable or irrevocable.

What does make each of them different? Revocable allows you retaining control to all your assets during your lifetime. This in some ways may be good but it allows that assets to be more easily attached back to you and a suit against you and you could lose the asset. On the other hand, an irrevocable cannot be altered after it is executed and your assets and privacy are better protected and there can be more tax benefits if any of those are your goal.

So call 1 (914) 357-4928 for more information on which type of trust may be best for you.