A person who forms a trust is called a “Trustor” or a “Grantor”. A “revocable trust” is a trust that can be changed by the Trustor as long as the Trustor is living and competent. A common example is a Living Trust. An “Irrevocable” Trust cannot be changed by the Grantor. Irrevocable trusts may be used to fund charities, to reduce taxes, to otherwise protect assets, and to provide for disabled family members, A revocable trust (also a living trust) is used as an estate planning tool to avoid probate, provide privacy, to increase control over assets, to simplify estate planning, and to provide for minors or for the Grantor(s) during periods of incapacity.
What is the difference between Irrevocable and Revocable Trusts?
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