Revocable vs. Irrevocable Trusts: What You May Not Know

Your choice to set up a revocable vs. irrevocable trust could have a big impact on your heirs.

A middle-aged couple meets with a lawyer or financial planner at a table.
(Image credit: Getty Images)

When deciding between a revocable vs. irrevocable trust, you'll need to consider your net worth and what type of tax shelter your heirs may need. It may be tempting to set up a will and consider your estate planning complete, but trusts are critical for organizing how your assets are distributed during your lifetime and after death. Both types of trusts have pros and cons that can have a significant impact on your estate and beneficiaries.

Revocable vs. Irrevocable Trust

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Deborah Yao
Contributing Writer,

Deborah Yao is an award-winning journalist, editor, and personal finance columnist who has held editorial roles at Kiplinger, The Wharton School, Amazon, The Associated Press, S&P Global (SNL Kagan) and MarketWatch. She specializes in writing and editing articles on finance and technology, with particular expertise in the areas of stock analysis, monetary policy, fintech, blockchain, macroeconomics, financial planning, taxes, among others. She has been published in The New York Times, USA Today, CBS News, ABC News, Wharton Magazine, and many other news outlets.