What is the difference between a revocable and an irrevocable trust?

In a revocable trust the Grantor retains the right to modify or revoke the trust during their lifetime. Consequently, the Trustee’s role may be less tenable as the Grantor can change not only the terms of the trust but can change the Trustee as well. In an irrevocable trust, once established, the trust cannot be altered or revoked by the Grantor. This means that the Trustee cannot be replaced by the Grantor.

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