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SMART MONEY: A clear difference between trusts

by By BRUCE WILLIAMS on September 01, 2013 1:50 AM

DEAR BRUCE: Can you tell me the difference between a revocable trust and a nonrevocable trust? — L.W., via e-mail

DEAR L.W.: Very simply, as the word implies, a revocable trust can be put aside anytime. An irrevocable trust is written in stone. It’s set up so the rights of someone can’t be taken away.

Before you get involved in either of these trusts, be certain to consult an attorney and find out which one is best for your circumstance. Generally speaking, the revocable trust is the one that would be in your best interest.


DEAR BRUCE: I read in your column that the age of a car should decide if you take full coverage. We have 1997 and 1999 automobiles with full coverage. Are we doing the right thing? — O.W., Richland, Mich.


DEAR O.W.: I said that when a car is worth $3,000 or less, it is generally an exercise in futility to continue to carry full insurance coverage on it. On the other side of that, it is relatively inexpensive on a 1997 model.

For example, fully insuring a 16-year-old car would be inexpensive, but relative to the price of a new automobile, it is a very poor buy. By the time you get done with the deductible, there would be very little left.

But if you feel that losing either one of these automobiles would be devastating and you wouldn’t have even the couple of thousand dollars it would take to replace them, you might wish to continue.

Send questions to Questions of general interest will be answered in future columns. Owing to the volume of mail, personal replies cannot be provided. The Bruce Williams Radio Show can now be heard 24/7 via iTunes and at It is also available at

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