What is the difference between a revokeable and irrevocable trust?

A trust is a legal arrangement in which an individual, known as the settler, gives property to another individual, known as the trustee, to hold and manage for the benefit of another individual or organization, known as the beneficiary. In Illinois, trusts can either be revokeable or irrevocable. The main difference between a revokeable trust and an irrevocable trust is that a revokeable trust can be revoked or amended by the settler at any time, while an irrevocable trust can not. A revokeable trust gives the settler more control over how the trust property is managed and distributed. Revokeable trusts are popular with those who want to plan for their future but also want to retain some control over the property while they are alive. A revocable trust does not have to go through probate, so the settler can manage their assets even after they have passed away. In contrast, an irrevocable trust requires the settler to give up all control and ownership rights over the property. This type of trust will usually go through probate after the settler has passed away and is generally used for estate planning and tax savings purposes. The settler can not modify or revoke the trust once it has been created. Thus, the primary difference between a revokeable and irrevocable trust in Illinois is that a revokeable trust gives the settler more control over the trust property, while an irrevocable trust prevents the settler from making changes to the trust.

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What is the difference between a revokeable and irrevocable trust?

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