What is the difference between a revokeable and irrevocable trust?

The difference between a revocable and irrevocable trust in New Mexico is that a revocable trust can be changed or revoked by the maker of the trust at any time, whereas an irrevocable trust cannot be changed or revoked. A revocable trust is a trust created with the authority to be modified or revoked by the maker. The maker, known as the grantor, can change the terms of the trust whenever they choose. They can also revoke the trust at any time, which means the trust becomes void. In this case, they are able to recover any assets that were placed within the trust. An irrevocable trust, on the other hand, is a trust with terms that cannot be changed or revoked. This kind of trust is often used to protect assets from creditors or other entities. While the assets in an irrevocable trust are usually still in the control of the grantor, they can no longer be accessed, sold, or given away without the permission of the beneficiary of the trust. Both types of trusts can be used in wills and probate law in New Mexico, depending on the goals of the grantor. Revocable trusts are generally used to manage assets during the grantor’s lifetime, while irrevocable trusts are used for long term asset protection and estate planning.

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What is the difference between a revokeable and irrevocable trust?

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