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For most estate planning purposes, the flexibility of the revocable living trust will be a good option since it lets you retain control over the assets you've placed in the trust. Depending on your specific circumstances or purposes, however, the irrevocable living trust might be the better alternative.

You can name a trust anything you like, and the name can be long, short, simple or complicated. When choosing a name, keep in mind that the name will be in the title of any asset held in the trust. This consideration may inspire some to keep the name on the short side.

Irrevocable trusts are generally set up to minimize estate taxes, access government benefits, and protect assets. This is in contrast to a revocable trust, which allows the grantor to modify the trust, but loses certain benefits such as creditor protection.

The main difference between wills and trusts is that wills take effect after you die, while trusts can take care of your assets while you're still alive. Trusts can avoid probate, the court process for distributing your property; wills, on the other hand, typically must go through probate.

Yes, once the trust grantor becomes incapacitated or dies, his revocable trust is now irrevocable, meaning that generally the terms of the trust cannot be changed or revoked going forward. This is also true of trusts established by the grantor with the intention that they be irrevocable from the start.

If you are interested in creating a living trust in North Dakota, you will create a written trust agreement and sign it in front of a notary public. To make the trust effective, you must then transfer assets into it. Living trusts provide a variety of benefits. Consider whether these benefits appeal to you.