What is the difference between a revocable and an irrevocable living trust?
Living trusts can be further divided into revocable and irrevocable living trusts. As the names imply, a revocable living trust can be modified, revoked, or terminated by the Settlor at any time and for any reason, whereas an irrevocable living trust cannot be modified, revoked, or terminated by the Settlor after the trust becomes active.