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Revocable vs. Irrevocable Trusts: How They Affect Your Estate Plans

July 12, 2021

From the Nerd Wallet website

When figuring out how to transfer assets to heirs, it’s common in estate planning to have your will work in conjunction with a trust. But in order to decide whether a trust might fit with your future goals, you’ll need to understand the two main types of trusts: revocable and irrevocable.

A revocable trust is one whose terms and stipulations can be modified at any time. An irrevocable trust is one that, after it is set up, can’t be changed unless the beneficiaries agree.

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