Trusts are a part of many estate plans in Kentucky. There are different trust types to choose from. An estate planning lawyer can help you to understand the differences so you can make the most informed decision for you and your family. A trust is an agreement between a trustee and a grantor (who creates the trust). This agreement says that the trusted person promises to act on behalf of you. Based on the terms of your trust, you will give them the authority to hold and manage your assets. They must follow your instructions during this process.

What are revocable trusts?

If a trust is revocable, then it can be revoked and the terms modified while the grantor is still alive (and competent) to make changes. After your death, your trust becomes irrevocable and cannot be changed. Revocable trusts are flexible and allow you to make modifications as needed. You can initially be the trustee, which means you don’t give up any of your control of your property while you’re still alive.

Understanding irrevocable trusts

An irrevocable trust is different from a revocable one because it cannot be changed once it is made. The fact that it cannot be changed offers asset protection. Also, the property cannot have any legal claims made against you. You must be as specific as possible with this trust and include any interests that need to be met in order to distribute funds or benefits.

Call to Schedule a Consultation With a Kentucky Estate Planning Lawyer Today

If you are interested in creating a trust, call to schedule a consultation with a Kentucky estate planning attorney. Our experienced legal team at The Jaeger Firm are equipped to effectively interpret the terms of different trusts to help you to make the best decision for your family.  For more information, contact The Jaeger Firm at 859-342-4500  and speak to one of our compassionate professionals.  Among other locations, we serve the cities of Erlanger, Edgewood, Union and the surrounding Kenton County, Boone County and Northern Kentucky/ Greater Cincinnati communities.