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What is the difference between a revocable and irrevocable trust?

April 26, 2017irrevocable Revocable Trust

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What is the difference between a revocable and irrevocable trust?

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Revocable means changeable. As long as your trust is revocable, you can continue to change it whenever you desire. As long as your trust is revocable, you continue to control your assets. Irrevocable means you give up control of your assets. In most instances, you don’t want to give up control of your assets.

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A revocable trust can be changed at any time until a designated event occurs, usually one’s death. An irrevocable trust cannot be changed once it has been created.