Revocable Trust or Irrevocable Trust: Which Is Right for You?

Impact Photography/ShutterstockTrusts can be essential tools of any estate-planning strategy. You can transfer all sorts of assets like cash and real estate to these trusts, which then can be distributed to your heirs based upon your wishes upon death.But not all trusts are created equal. In fact, there are several different types of trusts. Each has its own advantages and disadvantages. Today, we’ll take a look at a common type of trust: a living trust. As the name implies, these are trusts created in your lifetime for the benefit of your heirs after death.