A revocable trust can be established while the settlor is alive, and the settlor has control over the assets. Changes may be made by the settlor, or the settlor may revoke the trust. After the settlor’s death, the trust becomes irrevocable, and the assets are distributed to the beneficiaries. Or a settlor can establish an irrevocable trust, which means that the settlor gives up control of the assets during the settlor’s lifetime, and no changes can be made to the trust nor can it be revoked.
The decision to make a trust should be discussed with an experienced Miami probate and estate attorney. If you wish to speak to a Miami estate attorney, call the Law Offices of Albert Gurevich at (786) 522-1411.