What is the difference between a revokeable and irrevocable trust?

A revokeable trust is a type of trust that the creator can alter or dissolve at any time. This means that the creator can choose to remove assets from the trust or change the terms of the trust if they choose. An irrevocable trust, on the other hand, is a type of trust that cannot be changed or revoked by the creator once created. The assets in this type of trust are legally owned by the trust itself and the creator can no longer make any changes to the trust once it is created. The main difference between a revokeable and an irrevocable trust lies in the degree of control the creator has over the trust. A revokeable trust gives the creator complete control to make changes and make decisions about the trust. An irrevocable trust, however, takes away the option to make changes and puts the trust’s assets outside the control of the creator. This means that the terms of the trust must be followed and cannot be amended or terminated by the creator. While both types of trusts can be effective ways to manage assets, it is important to know which type of trust is right for your needs. Depending on your wishes, a revokeable trust may be the better option if you want to be able to make changes in the future. An irrevocable trust, however, may be the better way to go if you want to ensure that the trust will not be altered and that the assets are protected from creditors and other claims.

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What is the difference between a revokeable and irrevocable trust?

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