One of the major differences between a Revocable vs Irrevocable Trust, is that Revocable Living Trust can be changed at any time. An Irrevocable Trust, on the other hand, cannot be changed once it is created. For example, if you create a Revocable Trust and you want to add or remove a beneficiary, you can amend the document at any time instead of having to make an entirely new Trust. Additionally, you can revoke the the entire Trust if you decide that it’s no longer serves your purposes. You can’t do this with an Irrevocable Trust.

Flexibility is one of the many advantages of a Revocable Living Trust you should take into consideration when evaluating a Revocable vs Irrevocable Trust. It’s also why Revocable Trusts are one of the most popular Estate Planning tools.

But if Revocable Trusts are so popular, why isn’t every type of Trust, revocable?