What is the difference between a revocable trust and an irrevocable trust?
The revocable trust is just that, revocable. You may change, amend, cancel,
or otherwise change the revocable trust during your lifetime. Upon your
death, the trust becomes irrevocable. You may also retain benefits from
a revocable trust during your lifetime. On the other hand, the irrevocable
trust does not allow for the flexibility of change. Once an irrevocable
trust is executed, it cannot be changed. However, some irrevocable trusts
are written with instructions to the Trustees or beneficiaries to allow
for the terms of the trust to be modified under specific limited circumstances.