Revocable vs irrevocable trust

[captain149]

What is the name of your state (only U.S. law)? KS What is the difference? Can an irrevocable trust be changed or money or property taken back out after it is setup? Can the person who set the trust up change disbursement amounts up or down at anytime? I would like to setup a trust for my son so that he inherits everything but I do not want his wife to get anything or have claim to the trust if he were to pass away. I would like it all to transfer to a trust to be setup for my granddaughter. I worry if they were to divorce that she could have some kind of claim? Any advice would be great. There is signifacant property and money that will be put into trust.

 

[FlyingRon]

A revocable trust can be cancelled/changed at will by grantor, while they live. Once they die it becomes an irrevocable trust.

An irrevocable trust can't be changed. The trustee can only act as stated in the trust.

It sounds like you want a revocable trust which gives you the flexibility to alter the terms and the amounts everybody gets while you are living.

The only reason typically creates an irrevocable trust is that it changes the tax treatment upon your death. If you've got significant assets (more than a couple of million), it would behoove you to sit down with an estate planner to see just what combination of wills, trusts, etc.. make sense for what you want to happen when you die.

 

[TrustUser]

very simple solution - which is why trusts are so great.

create the trust with your son as beneficiary while he is living, and your granddaughter as beneficiary when your son dies.

your son's wife will have claim to nada.

if you create a typical living trust (revocable), you can make changes to it anytime you are alive, as FR stated above. i agree with him that that sounds like your best bet.