Alexandria Revocable & Irrevocable Trust Attorneys
Dedicated to Your Best Interests
Tesfaye Law has helped numerous clients with the essentials of estate planning. Two popular options for those looking for a way to protect their assets are revocable trusts and irrevocable trusts. We can help you understand these and other estate planning options, including wills, advance medical directives, and powers of attorney. After we help you make an informed decision about which legal devices are right for you, we can guide you through every stage of the process.
To speak with our Alexandria revocable and irrevocable trust lawyers about the right plan for your future, call (703) 454-8865 today. We serve clients in Virginia, Maryland, & Washington D.C.
A revocable trust (sometimes called a Living Trust or Inter Vivos Trust) holds the grantor’s assets for their benefit during their lifetime. Upon the death of the grantor, the assets are held in trust for the benefit of the grantor’s designated beneficiaries.
The revocable trust can be modified, amended, or terminated by the grantor at any time before their death. It is a powerful component of estate planning because it manages and protects assets as the granter ages while remaining private. The trust becomes irrevocable upon the grantor’s death.
Here are a few substantial advantages of a revocable trust:
- It can allow the grantor’s beneficiaries to avoid the time and cost of probate
- It is generally easier to amend than a will
- The properties in a revocable trust remain in the grantor’s name and are available for immediate liquidation, if needed
- The assets in a revocable trust become available at the grantor’s death to help pay for any debts, estate taxes, and administration expenses
- It allows for continuous, uninterrupted investment management during the grantor’s life and after their death
- It can help simplify the process of transferring the grantor’s property after death if the original will cannot be found
An irrevocable trust is an arrangement where the grantor places legal ownership of property under the administration of a trustee, who then administers it for the benefit of the trust’s beneficiaries. Unlike a revocable trust, the irrevocable trust cannot be modified, amended, or terminated without the permission of the grantor’s named beneficiaries.
The other main difference from a revocable trust is that the assets in an irrevocable trust are no longer in the estate of the grantor. In other words, an irrevocable trust removes all of the grantor’s rights over the assets in the trust. How could this be beneficial?
There are several things you may gain by placing your assets in an irrevocable trust, including:
- Protecting the assets from lawsuits and creditors
- Avoiding capital gains tax and estate tax
- Earning charitable income tax deductions
- Safeguarding assets from long-term care facilities
Get Qualified Legal Advice Today
Our trust lawyers at Tesfaye Law have successfully guided many clients through the process of creating revocable and irrevocable trusts. For help determining which option is right for your situation, simply schedule a free consultation with our legal team.
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