Irrevocable trusts are unchangeable once they’re put into place. The assets and property placed in the trust permanently belong to the trust and can’t be used or removed by the trustees. Once the terms of the trust are met, the assets are used or distributed to named beneficiaries.

By contrast, a revocable trust is changeable while you’re still living, and therefore makes an ideal estate planning document for protecting assets while still allowing you to make tweaks as your life changes. You can transfer property in and out of the trust, change beneficiaries and successor trustees, and use the assets throughout your lifetime. Upon your death, the revocable trust immediately becomes irrevocable.