What are the differences between revokable and irrevokable trusts?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What are the differences between revokable and irrevokable trusts?
Right now we have a revocable Family Trust. As the POA, I use this trust to pay all bills. My mother qualifies for VA benefits if the estate is in an irrevocable trust
Asked on May 16, 2012 under Estate Planning, Massachusetts
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
So you are not the trustee; she is the trustee, correct? A revocable trust means that the trust can be changed at any time. So if your Mother is the trustee she can change the terms, etc., at any time. An irrevocable trust is the opposite: it can not be changed. The general sense is that in an irrevocable trust the trustee still has control of the assets so they are still really theirs. With an irrevocable trust they do not. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.