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

In Washington, trusts and estates law governs the creation and management of trusts. Trusts can be either revocable or irrevocable in nature. The primary difference between them lies in the grantor’s ability to control or access the assets held in a trust. A revocable trust is set up by the grantor and can be changed or revoked at any time by the grantor, who remains in control of the assets. This type of trust allows the grantor to have flexibility in making changes to their estate plan. However, assets held in a revocable trust are still subject to taxation, and all assets held in the trust are considered part of the grantor’s estate for the purposes of probate. In contrast, an irrevocable trust is one that cannot be changed or revoked by the grantor once it is created. This type of trust is designed to protect assets from taxes and from creditors. Assets in an irrevocable trust are not considered part of the grantor’s estate and may be distributed to beneficiaries upon death or upon the terms of the trust agreement, thus avoiding probate. However, once assets have been placed in an irrevocable trust, they cannot be accessed or changed by the grantor. Overall, the main difference between a revocable and an irrevocable trust is the amount of control that the grantor has over the assets that are held in the trust. A revocable trust gives the grantor more control over the assets and may be a better option for those who want to maintain flexibility in their estate plan. An irrevocable trust, on the other hand, removes control from the grantor, but may offer more asset protection.

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

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