Difference Between Revocable and Irrevocable Trust for Berkeley, CA Area Residents
There are generally two types of living trusts, revocable trust and irrvocable trust.
The simplest difference between the two is that assets remain in the grantor’s estate in a revocable trust but move out of the estate in an irrevocable trust.
Revocable Trust - you are in control of your property during your life time and you can exercise control over the use of your property after you pass away and you have the right to cancel the trust at any time while you are alive and capable.
Irrevocable Trust - An irrevocable trust moves trust assets out of the trustmaker’s hands, and the grantor is no longer considered to own them. An independent trustee makes all the decisions regarding investments on behalf of all the trustees, which may or may not include the grantor.