Do I want a revocable or irrevocable trust? - A revocable trust is the more common approach.  As the name implies, a revocable trust can be terminated or modified at the Trustmaker's discretion.

Terminating or modifying the typical living-trust is rarely necessary for the advantage of the primary beneficiary, but changing circumstances of the residual beneficiaries often necessitate changes.  In more cases than not, the revocable nature is just a matter of peace-of-mind.  Most individuals like having complete control and discretion.  Unless tax consequences are an issue in larger estates, a revocable trust is a perfectly satisfactory route.

The most common use of irrevocable trusts are those funded through the annual gift exemption. Given the current tax environment with relatively large estate exemptions, these devices are more and more rare but for those individuals having sufficient resources, they are still attractive means of funding education and other assistance to later generations.

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