Understanding Revocable and Testamentary Trusts: Pros and Cons Explained

Do revocable and testamentary trusts seem complicated to you?

Just like building a fence around your home, establishing a trust can protect your assets, but it comes with trade-offs. In this discussion, we explore the advantages and disadvantages of these two types of trusts.

Spencer and Austin explain how a revocable trust provides flexibility, helps avoid probate, and maintains privacy.

They discuss testamentary trusts, which allow you to plan for beneficiaries beyond your lifetime but require probate and lack flexibility.

Discover key insights into the differences between these trusts, their tax implications, and the critical errors people often make when setting them up.

Additionally, we explore how trusts can benefit charitable organizations and individuals with special needs.

Remember, when it comes to estate planning, consult a qualified estate planning attorney for personalized advice.

This content was written by Spencer S. Hall CFP®, RLP ®, CKA ®, MBA, MDiv

Spencer is a Certified Financial Planner™ with 14 years in the field of retirement and financial planning. As a second-generation financial advisor at Retirement Planning Services, Spencer brings a wealth of experience and passion to help clients align their wealth with their core values.

Advisory services offered through Retirement Planning Services, LLC.

The information in this article is intended for general educational and informational purposes only, and should not be construed as investment advisory, financial planning, legal, tax, or other professional advice based on your specific situation. Please consult with your professional advisor(s) before taking any action based on its contents.