WHAT IS THE DIFFERENCE BETWEEN REVOCABLE AND IRREVOCABLE TRUSTS?
Trusts can be revocable and irrevocable. A revocable trust is a trust which the the person who creates the trust (also called the grantor or settlor) can amend, cancel or revoke at any time. The grantor could change his Will or Revocable Living Trust to change the provisions of a trust or to eliminate it completely. Once the grantor or Settlor passes away, the trust becomes irrevocable. An irrevocable trust cannot be cancelled, revoked or even amended.