An irrevocable trust is just like it sounds — irrevocable. In other words, once you create the trust and transfer assets to it, you can't dismantle the trust and take back the assets. In this sense, the trust cannot be changed, modified or taken apart by anyone, including the grantor who initially created it.
One important step to take early in the estate planning process is determining what your overall net worth is. This will help you determine what assets you may want to pass on, what debts may need to be settled by your estate, how much estate tax your estate may be liable for and what estate planning tools may best fit your situation.
When creating an estate plan, you'll come to find that there are many ways to pass on your assets upon your death. Although it's a big decision, with the right information guiding you, it won't be long before you have a clear idea of what to do next.
As you create an estate plan, you'll spend a lot of time thinking about what will happen to your assets upon your death. Like many, you may have plans of leaving your assets to your adult children.
There's a lot to think about when creating an estate plan, including who you will name as guardian of your minor children. While you hope that this will never be necessary, you must cover all bases and name a guardian nonetheless.