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Irrevocable Trusts Using an irrevocable trust allows you to minimize estate tax, protect assets from creditors and provide for family members who are under 18 years old, financially dependent, or who may have special needs.

The Revocable Trust (often referred to as a ?Living Trust?) is a popular and effective estate planning technique. It can provide an excellent way to manage, protect and distribute your assets during your lifetime, in the event of incapacity, and after your death.

In a trust structure, a trustee holds your business for the benefit of others (the beneficiaries). A trustee can be a person or a company, and is responsible for everything in the trust, including income and losses.

The three most common types of trusts are: living, revocable, and irrevocable. A living trust is one that's created while you're still alive and can be revocable or irrevocable. A revocable living trust can be changed while you're still alive. An irrevocable living trust can't be changed after it's created.

A revocable trust can be changed at any time by the grantor during their lifetime, as long as they are competent. An irrevocable trust usually can't be changed without a court order or the approval of all the trust's beneficiaries. This makes an irrevocable trust less flexible.

Still, it is essential to point out that trustees are individuals or companies that will be holding and managing assets for a trust and its beneficiaries when the grantor dies. In contrast, the grantor is the person who owns the trust and who appoints the trustee, who specifies the terms of the trust document.