Estate Law Questions? Ask an Estate Lawyer.
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1. Generally, if you put it into an irrevocable trust, you no longer have control over the assets. Rather, the trust, as a separate and distinct entity, owns the assets and the control of those assets is within the power of the trustee to govern the trust specifically pursuant to the trust agreement. If you put the assets into a revocable living trust, you retain control during your life and the trust only becomes irrevocable upon your death. 2. Yes, you would want to retain assets outside an irrevocable trust to insure you had adequate funds if you didn't want the trustee and the trust agreement to control the funds. 3. Yes, you can have primary beneficiaries of the trust and then contingent and/or successor beneficiaries in the event the primary beneficiaries die.
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