The basic steps involved in revoking a revocable trust are fairly simple and include the transfer of assets and an official document of dissolution. A revocable trust is a flexible legal entity ...

A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed at any time. An irrevocable trust describes a trust that cannot be ...

Most people set up both revocable and irrevocable trusts so that they can get the unique advantages of both types of trusts. Everyone who forms an irrevocable trust should also form a revocable trust.

No matter who you are or what your situation, the attorney is very likely to tell you that you need a revocable trust. This is a one-size-fits-all answer, and you should proceed with caution.