• By now you know the importance of having a trust. There are basically two types of trusts; revocable and irrevocable. One question I am asked frequently is what is the difference between revocable trust and irrevocable trust?In this video Susan Graham, a Elder Law Attorney , answers this important question.What is the difference between a revocable and irrevocable trust? A Revocable trust is for you that you can change anytime you want. You put all your titled assets in this revocable trust. The assets can be moved, given away, taken out, and designate the successor trustee.You can change anything up until you pass away. Once you die the revocable trust turns into an irrevocable trust. The lid slaps down and you can't change it. The person who sets it up doesn't have the right to change it either.There is also ways to create an irrevocable trust from the beginning. Make sure you speak with a professional before creating this irreversible trust. These trusts are a great mechanism for many family circumstances.