Revocable Trust Tips & Advice

Video Transcript

"In the world of estate planning, there are various items that exist with families to set their affairs up for the long term and pass wealth on to the next generation. One of these ways is called a trust. There are two types of trusts. One is a irrevocable trust which once set in to motion, can never be changed. And the more popular revocable trust. Which means that the will of the people that make up the trust can be changed at any time. A revocable trust is designed to place assets form one generation up to the next generation. Keep it tax efficient. Protect it from probate and various other taxation issues that would come upon that chunk of money going forward. And it also protects it from nursing home care speed down and thens of that nature. Trust has various formats that they are put in to. Depending on the complexity of the family, the family members and the composition of the assets that are within. But a revocable trust, just like the name implies, often times lets an individual who started the trust, pull it away or revoke it at will. This is Patrick Munro, talking about the features of a revocable trust."