What is the difference between a revokeable and irrevocable trust?

A trust is a legal agreement between a grantor (the person who creates the trust) and a trustee (the person who holds and manages the trust property for the benefit of someone else). In Georgia, there are two types of trusts—revokeable and irrevocable. A revokeable trust is a trust that can be changed or revoked (cancelled) by the grantor at any time. This means that the grantor can make changes to who the beneficiary (the person who receives the trust property) is, as well as how the assets are divided up. The grantor can also choose to completely dissolve the trust at any time. An irrevocable trust, on the other hand, cannot be changed or revoked by the grantor. This means that once the trust is created and assets are transferred to the trustee, the grantor cannot make any changes to it without the consent of the beneficiary. The grantor also does not have the power to dissolve the trust. The difference between a revokeable and an irrevocable trust in Georgia is significant. Revokeable trusts tend to be more flexible and allow the grantor more control over the trust and its assets. However, irrevocable trusts tend to provide greater protection for the beneficiaries because the grantor cannot change the terms of the trust without their consent.

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What is the difference between a revokeable and irrevocable trust?

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