Revocable vs. Irrevocable Trusts

Revocable and irrevocable trusts are legal arrangements for managing your assets. A revocable trust can be changed or canceled by you anytime during your lifetime, offering flexibility and control. An irrevocable trust, once established, cannot be modified or revoked without the beneficiary’s consent, providing benefits like asset protection and tax advantages. Essentially, revocable trusts give you ongoing control, while irrevocable trusts offer permanence and specific financial or estate planning benefits. Choosing between them depends on your goals, estate size, and desired flexibility.