Jeffrey P. Scott & Associates
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June 2014 Archives

Differences between revocable and irrevocable trusts

According to a recent article, Minnesota residents may want to think carefully before forming an irrevocable trust. One of the primary differences between an irrevocable trust and a revocable trust is the ease or difficulty involved in making changes to the structure of the instrument. In the case of an irrevocable trust, for example, all trustees, beneficiaries and other parties involved must agree to changes before they can be formalized. In case of a revocable trust, an older version can be revoked in favor of a new trust as often as desired.

Even young and childless individuals need to have an estate plan

More individuals are single and growing older without children. In these circumstances deciding where one's estate should be distributed may be more complicated. This person may also need to make choices concerning the person they will trust to make certain their wishes concerning the distribution are fulfilled.

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Jeffrey P. Scott & Associates

Jeffrey P. Scott & Associates LLC
2356 University Avenue West, Suite 400 | St. Paul, MN 55114
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