A trust is considered revocable if the grantor can modify or dissolve it during their lifetime. The grantor usually acts as the trustee of their revocable trust during their lifetime. Since there is no change in the grantor’s beneficial enjoyment or legal access to assets placed in a revocable trust, there are no income tax advantages or protection from legitimate creditors resulting from creating a revocable trust.
An irrevocable trust is just the opposite. The grantor relinquishes all control over the trust after it is created and funded with property and/or money. This can be preferable for tax purposes and protection from creditors. The grantor cannot legally act as the trustee and can never take property or money back unless they name themself as a beneficiary and sets terms for distributions as part of the terms contained in the original trust document.
At present, our platform does not create standalone irrevocable trusts.
Note: Technically, for married individuals who create a revocable trust that includes A/B provisions, at the death of the first spouse, the B portion of the A/B trust becomes unchangeable and irrevocable.