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 holding my assets? A: The main difference is control. A revocable trust usually lets you keep control during your lifetime, so you can change the terms, replace the trustee, add or remove assets, or even cancel the trust. An irrevocable trust usually limits those changes once it is signed and funded, so it is harder…