What is the difference between an irrevocable trust and a revocable trust?

An irrevocable trust and a revocable trust are both types of trusts established under California asset protection law. The primary differences between these two types of trusts stem from the extent of control the trustor (the creator of the trust) has in relation to the trust. A revocable trust is a trust in which the trustor retains control over the trust and can modify, terminate, or revoke the trust according to his or her wishes. The trustor can also change the beneficiaries of the trust. Because the trustor holds such control over the trust, it is not protected from creditors in case of bankruptcy or other legal action. On the other hand, an irrevocable trust is one in which the trustor gives up all control over the trust. The trustor cannot modify, terminate, or revoke the trust and cannot change the beneficiaries. As a result, the trust is protected from creditors and other legal actions. The trustor, however, must be aware that once the trust is established, it cannot be changed. In summary, the primary difference between a revocable trust and an irrevocable trust is the amount of control the trustor has over the trust. While a revocable trust allows the trustor to maintain control, an irrevocable trust removes this control and provides asset protection benefits.

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What is the difference between an irrevocable trust and a revocable trust?

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