A trust is a writing created by a person to manage their assets while they are alive and to distribute their assets upon their death. Generally speaking, there are two types of trusts, revocable and irrevocable. Revocable trust are trusts designed to allow modifications, amendments and even termination after it has been established. On the other hand, irrevocable trusts are trust that, in theory, are not easily modified, amended or terminated after being established. Although there are ways to potentially modify or terminate a trust, it is not a guarantee. Seeking a qualified estate planning attorney is key to navigating this cumbersome area of law. Let Spencer Law Group help you.
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