Trusts are either irrevocable or revocable. Many people prefer revocable trusts because they want to avoid placing their assets into a trust whose terms they can never change.
Simply put, irrevocable trusts are trusts that cannot be modified or terminated without the permission of the trust’s beneficiary. After passing assets into the trust, a grantor cannot change the terms and removes all rights of ownership to these assets.
Meanwhile, a revocable trust’s terms can be altered or canceled. During the life of the trust, income is distributed to the grantor, and only after the grantor’s death are assets passed on to the beneficiaries.