What is the difference between a revokeable and irrevocable trust?

A trust is a legal document created to hold property or assets in the name of a designated trustee. In New Hampshire, wills and probate law govern trusts. The two main categories of trusts are revocable and irrevocable. A revocable trust is one in which the trustmaker, or grantor, reserves the right to make changes or amendments to the trust document at any time. This type of trust allows for flexibility and can be revoked or amended according to the wishes of the trustmaker. An irrevocable trust, on the other hand, cannot be changed or revoked. Once it is established, the terms are set in stone and cannot be altered. In some cases, the trustmaker may be able to modify the trust as long as the beneficiaries agree. However, if they do not agree, then the trust remains unchanged. The primary purpose of a revocable trust is to avoid probate court for assets or property held in the trust upon the death of the trustmaker. An irrevocable trust, on the other hand, is typically used for tax purposes, or to provide income for a beneficiary. In summary, a revocable trust is one that can be changed or revoked at any time, while an irrevocable trust is one that cannot be changed or revoked once it is established. Both types of trusts have their own benefits and drawbacks, and it is important to understand the differences between them before making any decisions.

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What is the difference between a revokeable and irrevocable trust?

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