What is the difference between revocable and irrevocable trusts?
An example of an AI chatbot conversation about revocable vs irrevocable trusts.
What is the difference between revocable and irrevocable trusts?
Revocable trusts can be altered or revoked by the grantor, while irrevocable trusts cannot be changed once established.
What are the benefits of a revocable trust?
Benefits include flexibility, control over assets, and avoiding probate.
Are there any downsides to irrevocable trusts?
Yes, the main downside is that you lose control over the assets placed in the trust, and they cannot be changed.
Which type of trust is better for estate planning?
It depends on your goals. Revocable trusts offer flexibility, while irrevocable trusts provide asset protection.
Can I convert a revocable trust to an irrevocable trust?
Yes, you can convert a revocable trust to an irrevocable trust, but it typically requires legal assistance.
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