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Establishing Revocable & Irrevocable Trusts in Wisconsin

When establishing a trust in Wisconsin, there are two main types of trusts, revocable & irrevocable. For most people irrevocable trusts are the preferred way to go as they offer the ability to change or amend them over time. If you’re looking to establish a trust or have questions on the difference between revocable and irrevocable trusts, contact our estate planning attorneys.

Differences Between Revocable & Irrevocable Trusts

Should I create an Irrevocable or Revocable Trust?

Under most modern scenarios for average people, it does not make sense to create an Irrevocable Trust. “Irrevocable” means that the trust and its terms cannot be changed after creation – it is essentially frozen and stuck in place with the original terms set up by the creator or “settlor” of the trust. Due to this inflexibility to make changes, most people should make “Revocable” trusts nowadays. Revocable trusts’ terms can be later changed, amended, or revoked and terminated freely by the settlor. This allows the person to make changes to their trust and estate plan easily and without legal hurdles. Irrevocable trusts often require an expensive and time-consuming court order from a judge to change their terms. Contact our estate planning attorneys today for assistance in creating a revocable or irrevocable trust.