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In this video, Paul Rabelais discusses the confusing topic of irrevocable trusts. He explains that trusts are categorized as either revocable or irrevocable, with revocable trusts being the more popular choice due to their ability to avoid probate and allow the trustor control over their assets during their lifetime. Upon death, these assets are not frozen, preventing the need for court intervention. Although there is extensive information about revocable trusts and their benefits in avoiding probate, this video specifically addresses irrevocable trusts. These trusts may be established for various reasons, including tax avoidance and asset protection in the event of lawsuits.
