What’s the difference between a revocable and irrevocable trust? – Patterson Bray PLLC

Transcript:
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[Music] a revocable trust is a flexible trust meaning that it is amendable modifiable revocable you can make changes to it during your lifetime because you retain so much control over a revocable trust you do not enjoy protection from your creditors or any lawsuits your assets

00:27
are subject to those things with a revocable trust at your death the assets remain part of your estate they are includable in your estate an irrevocable trust they’re generally permanent trust meaning that the terms are fixed and generally cannot be modified without

00:45
specific legal action and in specific circumstances now because you don’t have as much control over an irrevocable trust you are afforded greater protection from creditors and lawsuits depending on the kind of irrevocable trust at the time of your death the assets that were transferred to that

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trust could be outside of your estate which would provide significant tax advantages [Music]

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