Trusts gain their unique powers from the Constitution of the United States of America. And a trust is a contract. In the eyes of the law, it is considered a legal person. A Revocable Trust can be amended or revoked at any time without penalty. An Irrevocable Trust can never be amended or revoked ever.
Revocable Trusts are the recommended version for the majority of people.
YOU DO . Everyone can benefit by creating an effective estate plan. The benefits are many and the risks few. It is a common misconception that estate planning is important for only those with money, luxury assets, and the elderly. This myth is a cruel deception.