Revocable trusts are also known as living trusts. A revocable trust allow the transfer of assets without probate, yet they allow you to retain control of the assets during your lifetime. A revocable trust is flexible and can be dissolved at any time. A revocable trust typically becomes irrevocable when the grantor dies.
Irrevocable trusts typically transfer your assets out of your estate and often avoid estate taxes and probate. An irrevocable trust cannot be changed by the grantor after it has been executed. Once you execute an irrevocable trust, you lose control of the assets and cannot change any terms or decide to dissolve the trust.