Revocable and Irrevocable Trusts

Trusts are created to hold assets for a future beneficiary. They allow access to property throughout your lifetime and can also be used to hold or distribute family wealth for a spouse or children, for example.

In Dover, Kent County and throughout Delaware, the estate planning law firm with more than 40 years of experience that can benefit you is Street & Ellis, P.A. We can draft your trust, update it as necessary and defend it in litigation if needed.

Trusts are classified as revocable and irrevocable. We can explain the difference and help you decide which approach can be tailored to fit your unique, specific situation. Our law firm excels with every aspect of estate planning — trusts, wills, financial planning, powers of attorney and living wills, guardianships and basic planning for young families.

Street & Ellis, P.A. — Experienced Estate Planning And Trust Lawyers

A trust can serve to avoid probate of the estate and protect the family wealth against a new spouse, creditors or expensive divorce — and to avoid the unpleasant surprise of substantial estate taxes.

Depending on the type of trust, you may be able to maintain control over its assets and make changes to it at any point in your lifetime. Another benefit is its ability to reduce estate tax liability, protect and preserve assets for your family, and avoid the costs of the lengthy, stressful probate process.

A revocable trust is created by the "grantor" and controlled by the "trustee." Irrevocable trusts, on the other hand, cannot be changed by a grantor. At Street & Ellis, P.A., we can discuss your many options — from life insurance and personal residence trusts to revocable living trusts, annuity trusts and charitable remainder trusts. There are as many trusts out there as there are needs to address for individuals, couples, families and business owners.

Deciding which trust is right for you requires careful consideration, a review of your family situation, the level of your family wealth and which beneficiaries should ultimately receive the assets. There is much to accomplish at your initial consultation with Street & Ellis, P.A. Contact us by local or toll free phone call, or by email.