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What is the Difference Between an Irrevocable and a Revocable Trust?

Whether a trust is irrevocable or revocable depends on whether you reserve the right to change your mind during your lifetime.  There are many different kinds of trusts, some which need to be irrevocable and some which can be either.

Generally, if you need to get assets out of your estate, or protect them from things like the cost of long term care or creditors, the trust needs to be irrevocable.  This means you should make sure you strike the right balance between access to liquid assets during your lifetime and asset protection before executing an irrevocable trust.

A revocable trust can accomplish many other things, like avoiding probate and managing assets for your heirs, but you can revoke or change it as needed during your lifetime.  Just know that these trusts will not generally protect your assets from creditors or taxes.
​


Learn more here about irrevocable and revocable trusts in Massachusetts.

Need Help With a Trust?

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  • Home
  • About
    • Slnlaw Offices
    • Fees and Payment
    • Privacy Policy
    • Publications and Interviews
  • Attorneys
    • Emily Smith-Lee >
      • 2018 Lawyer of the Year
    • Jenna Ordway
    • Rebecca Rogers
    • Andrew Silvia
    • Elijah Bresley
  • Reviews
  • Contact
  • Blog
  • Employment Law Solutions
    • Employment Law MA
    • Discrimination in the Workplace
    • Employment Termination
    • Sexual Harassment at Work >
      • Sexual Harassment in a Small Business
      • Sexual Harassment and Non Disclosure Agreements
      • Sexual Harassment and Remote Work
    • Wage and Hour Laws
    • Independent Contractor Law
    • Non Compete Agreements >
      • Are non competes enforceable
      • Massachusetts Non Compete Act
      • Pre 2018 Massachusetts Non Competes
    • Equal Pay Act
  • Estate Planning
    • Massachusetts Wills and Trusts
    • Why You Need an Estate Plan
    • Massachusetts Estate Tax
    • Inheritance Tax
    • How to Make an Estate Plan
  • Business Law Solutions
    • Small Business Law
    • Business Contract Basics
    • Civil Suit Defense
    • Legal Issues for Start Ups
    • Trademark Basics
    • How to Incorporate
    • Sale of Business
  • Legal FAQs
    • Estate Planning FAQs
    • Probate FAQs
    • Small Business FAQs
    • Wage Act FAQs
    • Commission Pay FAQs
    • Overtime FAQs
    • Independent Contractor FAQs
    • Non Compete FAQs
    • Employment Discrimination FAQs
    • Employment Termination FAQs
    • Severance Package FAQs
    • Medical Leave FAQs
    • Sexual Harassment FAQs
    • Massachusettts Unemployment FAQs
    • Employer FAQs
    • Civil Lawsuit FAQs