What are the primary differences between a revocable living trust and an irrevocable living trust?
A living trust is a written agreement established while you are alive. You typically name yourself as the trustee of your trust, and another person-typically a relative, friend, lawyer or bank trust department-as a successor trustee to distribute the trusts assets if you die, or to act on your behalf if you become incapacitated. A revocable trust means the person who establishes it can change the terms of the trust at a later date if desired. An irrevocable trust, once established, cannot be changed. Setting up an irrevocable trust has tax advantages but they are rarely used since most people dont like to set up something they cant change later. Do living trusts lock up your assets? You may or may not be able to get back the assets you place into a living trust. It primarily depends on whether you choose a revocable living trust or an irrevocable trust. If you choose a revocable living trust, you are free to modify the trust or even dissolve it whenever you wish. This includes the powe
