What is an Irrevocable Trust?

Trust Lawyer in Los Angeles

A trust is a way in which to manage your estate by assigning a trustee to administer it with the assets going to your named beneficiaries.  The trust is to be administered exactly as laid out in the trust itself.  There are many different kinds of trusts, one being an Irrevocable Trust.  An Irrevocable Trust cannot be amended except under extremely limited circumstances.

Many people hesitate to create an Irrevocable Trust due to the concern that they may change their mind about how they wish their estate to be managed or will lose control over their estate.  Before drafting a trust of any kind, a competent and knowledgeable Los Angeles trust attorney should be retained to go over the details of your estate and assist you in deciding on the best course of action for your individual circumstances.

Benefits of an Irrevocable Trust

There are many tax benefits if you establish an Irrevocable Trust as opposed to a Revocable Trust.  As the trust holds your assets, they will not be subjected to estate tax which will preserve your assets for your beneficiaries.  A trust is private and upon your death probate will be avoided, which will save considerable time and money for your beneficiaries.

At Kerendian & Associates, Inc., we understand that you may have many questions concerning wills and trusts and that making the right choice is very important for you and your family.  It is sometimes difficult to face such challenges but you do not have to face them alone.  With our experience in the field of trusts and estate planning we can advise you and help you make a decision that works for you.

Contact a Trust Lawyer in Los Angeles if you are considering establishing an Irrevocable Trust and need guidance as to whether it is the right choice for you.