What is the difference between a revokeable and irrevocable trust?

When it comes to wills and probate law in Virginia, there are two main types of trusts that individuals can establish: revokeable and irrevocable trusts. A revokeable trust, also known as a revocable trust, is a trust that can be changed or revoked by the grantor, who is the person who sets up the trust. This type of trust allows the grantor to transfer assets to a trustee to manage for the benefit of one or more beneficiaries, and the grantor can make changes to the trust whenever they want. On the other hand, an irrevocable trust is a trust that cannot be changed or revoked by the grantor. This type of trust is commonly used to protect assets from creditors and tax liens. However, once assets have been transferred into an irrevocable trust, they can no longer be accessed or changed by the grantor. The trustee is the only person who can control the assets in an irrevocable trust. This is usually beneficial for grantors because the assets are protected and cannot be taken away from the beneficiaries. Overall, the main distinction between a revokeable and irrevocable trust is that the grantor can make changes and access the assets in a revokeable trust, but not in an irrevocable trust. Depending on the grantor’s desires, either trust can be a beneficial way to manage assets.

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What is the difference between a revokeable and irrevocable trust?

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