What’s the difference between revocable and irrevocable trusts?
A trust is a legal arrangement that transfers a person’s assets and property into a trust and distributes the estate to the trust beneficiaries once the trustor dies. Since a trust is a legal entity, it’s often used to avoid probate.
If you’re considering adding a living trust to your estate plan, there are two types of trusts to choose from: revocable and irrevocable. As the name implies, a revocable living trust allows you to modify or revoke the trust, while an irrevocable living trust does not. Consult an experienced trust attorney to discuss the advantages of each and determine which type best fits your estate planning needs.