Revocable & Irrevocable Trusts
Revocable & Irrevocable Trusts in Jacksonville, FL
A revocable trust, also known as a living trust, is a type of trust that can be modified or dissolved by the person who created it (the "grantor") at any time during their lifetime. This means that the grantor has the flexibility to change the terms of the trust or to take back the assets that were placed in the trust.
An irrevocable trust, on the other hand, is a type of trust that cannot be modified or dissolved by the grantor once it has been created. This means that the grantor gives up control over the assets placed in the trust and cannot make any changes to the trust.
Both types of trusts can be used for estate planning purposes and can help to avoid probate, which is the legal process of distributing a person's assets after their death. However, irrevocable trusts offer more asset protection than revocable trusts because the assets placed in the trust are no longer considered to be the property of the grantor. This can be useful for people who are concerned about potential lawsuits or creditors.
At Three Oaks Law, we are here to help accomplish your goals with a tailored estate plan. Whether you need a revocable living trust or irrevocable trust, our firm has compassion, attention to detail, and the ability to professionally communicate what you need to accomplish your goals.
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