A Revocable (living) trust simply means that the settlor retains ownership and control of the assets placed into trust. The settlor has the right to withdraw, invest or distribute the money at any time. At the death of the settlor, the trustee controls and administers the assets of the trust for the benefit of the beneficiaries.
An Irrevocable trust means the settlor has voluntarily forfeited control or ownership of the assets held in trust. When creating an irrevocable living trust, it is critically important to draft the initial terms and conditions to take into account future generational needs. It is also critical that the trustee you name to oversee the trust is reliable and responsible and has the best interests of your family in mind.
A Special Needs trust is the single most important way to continue to provide support to a loved one with a disability throughout their life. It is an irrevocable trust that allows you to continue regular distribution to the primary caregiver to ensure that your loved one will continue to receive the level of care you choose without interfering with their government benefits. A settlor establishing a trust may specify the beneficiary and the exact terms of the financial distribution.