[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/estate-planning-basics-trusts\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/estate-planning-basics-trusts\/","headline":"Estate Planning Basics: An Introduction to Trusts, continued","name":"Estate Planning Basics: An Introduction to Trusts, continued","description":"Last time we discussed some of the terminology associated with trusts. Now let\u2019s look at how revocable trusts differ from irrevocable trusts and the benefits of having a trust. Revocable Versus Irrevocable Trusts A revocable trust is a trust that can be altered by the grantor during his or her lifetime. An irrevocable trust, on […]","datePublished":"2023-04-19","dateModified":"2024-07-02","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso, LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso, LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/estate-planning-basics-trusts.png","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/estate-planning-basics-trusts.png","height":988,"width":1760},"url":"https:\/\/www.amorusolaw.com\/blog\/estate-planning-basics-trusts\/","about":["Estate Planning"],"wordCount":359,"keywords":["Benefits of Trusts","Estate Planning","Irrevocable Trust","Trusts"],"articleBody":"Last time we discussed some of the terminology associated with trusts. Now let\u2019s look at how revocable trusts differ from irrevocable trusts and the benefits of having a trust.Revocable Versus Irrevocable TrustsA revocable trust is a trust that can be altered by the grantor during his or her lifetime. An irrevocable trust, on the other hand, is a trust that cannot be changed by the grantor (except under extraordinary circumstances). In the case of irrevocable trusts, the grantor typically foregoes total control of the property and must obey all trust rules and guidelines. Furthermore, a trust can be revocable during the grantor\u2019s lifetime and then become irrevocable upon the grantor\u2019s death.When most people use the word \u201ctrust\u201d in the context of\u00a0estate planning, a revocable living trust is the one they have in mind.A revocable living trust allows you to maintain complete control over your assets while you are alive and after you have passed away. You don\u2019t have to transfer your assets to the trust all at once, you can do so over time and even add to the trust as you acquire new assets.Other benefits of a revocable living trust include:Avoiding probate. The probate process is time-consuming, needlessly expensive and exposes your assets and estate to public scrutinyIt can be changed over time, to compensate for changes in your financial and family situationBasic wills can lead to disagreements among family members. A revocable living trust can help eliminate challenges to the will and ensure beneficiaries receive what you have intended for themIt allows for ongoing\u00a0financial management. As your wealth accumulates, so too will assets in the trustContact a New York Estate Planning AttorneyOne of the questions frequently asked by clients is whether or not they need a trust. The answer depends on the client\u2019s unique needs and goals. Would you benefit from a trust? We\u2019d be happy to discuss the matter with you at your earliest convenience.\u00a0Contact us\u00a0today to get started.    Amoruso & Amoruso, LLP | Elder law attorney in Rye Brook, New York"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Estate Planning Basics: An Introduction to Trusts, continued","item":"https:\/\/www.amorusolaw.com\/blog\/estate-planning-basics-trusts\/#breadcrumbitem"}]}]