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Trusts and wills

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m davis

Junior Member
What is the name of your state (only U.S. law)? Iowa
Good Morning,

I need to understand what a revocable and an irrevocalbe trust are.
We have a will.
I think it means something to do with property but cannot understand it.
Can you clarify for me? My spouse and I are in our 60's and looking at retiring in a few years.
Thank you,
m davis:confused:
 


curb1

Senior Member
The important question is, "Do you need a Trust?". What are the particulars of your situation? Property? Beneficiaries? Total asset value? Often a will is fine. A primary reason for a trust is the very rapid transfer of property following death. Your assets would not go through probate and not made public. The trust will cost about $1,500 - $2,000 for husband and wife. This cost may not be necessary depending on your situation.

You can google the trusts and get very good explanations.
http://www.wsba.org/media/publications/pamphlets/revocable.htm
 

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