Irrevocable v. Revocable Trusts

    Are you a decisive person? If so you may want to consider drafting an irrevocable trust. An irrevocable trust is a trust where the settlor (person who drafts the trust), retains no power to alter, amend, or revoke the trust. (Blacks Law Dictionary (5th ed. 1979) at 1354.) 

   However, most people like to leave a little room to change their mind. As such, you may consider drafting a revocable trust. A revocable trust is a trust where the settlor retains the power to revoke. Since you must be alive to revoke any decision-making, you must have an Inter Vivos or "Living Trust" if you'd like to make the trust revokable. Pursuant to the California Probate Code, section 15400, a revokable trust is considered revocable by the settlor unless it is expressly made irrevocable by the trust instrument.

    If you have further questions about trust drafting in California, you should consult with an experienced Los Angeles estate litigation lawyer.
Related Posts
  • When Do You Need A Trust Litigation Lawyer? Read More
  • Talking Estate Plans with Your Loved Ones This Holiday Season Read More
  • Living Trusts Read More