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The primary differences between revocable and irrevocable trusts

When a person has financial stability, personal satisfaction and overall contentment with his or her life, it can be difficult to think about planning for the future. However, the more proactive people in Ohio are about creating a valid, customized and legal plan for their future, the more confidence they can have that things will be organized and understandable if anything were to ever happen to them.

When a person begins planning for their future, one of the things they may consider is a trust. There are different types of trusts: revocable trusts and irrevocable trusts. According to thebalance.com, the primary difference between the two is whether or not they are able to be modified after the initial agreement has been established and signed. A revocable trust is able to be changed if someone decides they want to modify or omit certain clauses. It can also be changed if someone decides to change who they have listed as beneficiaries. On the other hand, an irrevocable trust is unable to be changed at all once an agreement has been signed. 

U.S. News reminds people that investing their time and resources into creating an irrevocable trust is only a good idea if they are completely sure of what they want and confident that they will not need to modify any part of their agreement. Regardless of whether or not people choose a revocable trust or an irrevocable trust, having one is an excellent way for people to establish how they would like their assets and finances to be managed in situations where they may become incapacitated or unable to make their own decisions.  

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