The Law Office of Nicole C. Morris, P.A.
Talk To An Attorney Today
561-855-0348
View Our Practice Areas

trusts Archives

Some trusts are not really irrevocable

During their lives, many Palm Beach residents create an estate plan that they can change and that will serve them. Part of those plans may include revocable trusts, which means they can be changed, and that become irrevocable, which means they cannot be changed, upon their deaths. Because the name implies that they cannot be changed, beneficiaries and heirs may not realize that the possibility exists.

The primary difference between revocable and irrevocable trusts

As Palm Beach residents begin their estate planning, they will more than likely be confronted with numerous decisions to make. If it turns out that one or more trusts would work best for a particular situation, then one other decision will need to be made -- whether to make a trust revocable or irrevocable. The trust creator needs to decide whether it would be more advantageous to be able to change, modify or terminate a trust rather than not be able to do so.

Trusts are nothing without the right trustee

Many Palm Beach residents go beyond a last will and testament when it comes to providing for their families after death. They also use trusts to pass on assets to loved ones in a more controlled, private and protected manner. Regardless of how carefully such documents are drafted, executed and funded, without the right trustee they may not be worth the paper upon which they are written.

The administration of trusts can get complex. Don't do it alone

You may have been flattered when your Palm Beach relative came to you asking if you would be an integral part of his or her estate plan. Now that he or she has passed away, you find yourself being appointed the successor trustee to his or her trust. You may be finding out too late that the administration of trusts can get complex and requires you to complete numerous duties, and now you are unsure how to proceed.

What benefits do revocable living trusts provide?

During the estate planning process, Palm Beach residents make numerous decisions regarding how to structure their plans. As part of the decision-making process, they may consider drafting and executing revocable living trusts to meet their goals. If you are one of those people, you may wonder what advantages this type of trust could provide you and your family.

Email Us For A Response

We Will Protect Your Family

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy