Is irrevocable or revocable trust better?
UPDATED: Jul 13, 2016
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Asked July 13, 2016
Without a doubt, if you want to set up a trust, you will have two options & revocable and irrevocable. The truth is, a revocable trust is better as you can avoid costly and annoying probate. This is a long-term process that can slow everything down and cause problems for heirs. While it does come at a bigger cost, it is better in the long run as one mistake can slow down the process and cost people thousands of dollars, if not more.
While probate is not always bad as the court can fix things and ensure that the law is followed, it is best avoided as most people don't want to deal with the costly and time-consuming task of going to and from court, filling out paperwork and filing motions. Probate is generally better for lawyers and people who stand to make money out of the system, but it is not good for people who are waiting for matters to finish. While you will give up a small amount of privacy when you get a revocable trust, you are going to gain a lot of peace of mind as you won't have to worry about one person or a group of people needlessly delaying and dragging out the entire process.
When you want to avoid a long and drawn out process, you really have one option, and that option is a revocable trust. It is the best option for you if you want to move on with your life and avoid a long and costly process that will drag people through the mud and only fill the pockets of lawyers and other legal professionals. With a revocable trust, you will avoid all the big issues that you hear about when people talk about going to court to collect their inheritance.
Answered July 14, 2016 by lawson