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

In Texas, a revocable trust and an irrevocable trust have different meaning and purpose. A revocable trust is a trust that can be modified, amended, or revoked by the grantor—the person who created the trust. This type of trust allows you to keep control over the assets in the trust and you can make changes at any time. An irrevocable trust is a trust that cannot be changed once it is created. Once the grantor transfers ownership of the assets to the trust, they no longer have control over them. The assets are managed by the trustee, and the grantor cannot make any changes to the trust, even if they want to. The biggest difference between a revocable and an irrevocable trust is that a revocable trust allows the grantor to retain control of the assets and manage them as they wish. Whereas an irrevocable trust places the ownership and management of the assets in the hands of the trustee and the grantor can no longer make any changes to the trust. The type of trust that is most suitable for the grantor will depend on their individual circumstances. Generally, a revocable trust is more suitable for someone who wants to retain control over their assets, while an irrevocable trust is more suitable for someone who wants to protect their assets from creditors or other third parties.

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

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