What is the difference between a revokeable and irrevocable trust?

A revocable trust and an irrevocable trust are both types of trusts that can be used to protect and manage a person’s assets. The main difference between the two is that a revocable trust can be revoked or changed by the grantor, whereas an irrevocable trust cannot. A revocable trust is often used when the grantor is alive and wishes to maintain control over the assets, or wishes to change things about the trust. It is still subject to the laws of the state in which it was created. The grantor can make any changes to the trust at any time, including changes to the beneficiaries and the distribution of the trust’s assets. An irrevocable trust, on the other hand, is created with the intention that it will not be revoked or changed. Once the trust is created, the grantor relinquishes control of the trust and the assets. This helps protect the trust’s assets from creditors, taxes, and any other potential claims. In short, the key difference between a revocable and an irrevocable trust is that a revocable trust can always be changed or revoked by the grantor, while an irrevocable trust cannot.

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What is the difference between a revokeable and irrevocable trust?

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