Trusts

Terry Says

There is no such thing as a ‘non-revocable” trust.  There is either an irrevocable trust — one that cannot be revoked or changed.  Or there is a “revocable living trust” which you create to hold your assets while you are alive  — and for which you name a successor trustee to distribute your assets when you die.  If you’re referring to the latter, here is a recent column on estate planning, which explains how a revocable living trust works –and how it avoids the expensive and time-consuming process of probate, which is required if you have a will.