The type of trust you need depends on what you are trying to accomplish. A revocable trust is best for people who want flexibility and control over their assets during their lifetime. An irrevocable trust is better for people who need stronger protection from creditors, want to reduce estate taxes, or need to qualify for government benefits like Medicaid.
Both types of trusts can help your family avoid probate and make sure your wishes are carried out after you are gone. If you are trying to figure out which one makes sense for your situation in 2026, a Barrington trust lawyer can walk you through your options and help you make the right decision for your family.
What Is a Revocable Trust?
A revocable trust, sometimes called a living trust, is a legal document that holds your assets during your lifetime and passes them to your beneficiaries after you die. The word revocable means you can change it, add to it, take assets out of it, or cancel it entirely at any time while you are alive and mentally competent.