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.
Deciding whether one should set up a will or a trust for particular estate planning purposes is dependent upon the circumstances. Preparing a will can be necessary to name beneficiaries, set up guardianships for minor children or even create a trust for incapacitated individuals.