What Is the Difference Between a Revocable and Irrevocable Trust? | NC

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Q: What is the difference between a revocable trust and an irrevocable trust for my property and business? A: A revocable trust is usually the more flexible option. You can change it, cancel it, and keep day to day control of your property and business during your lifetime. It is often used to avoid probate, plan for incapacity, and set clear inheritance instructions. An irrevocable trust is…