What is the difference between an Oklahoma revocable trust and an irrevocable trust?

Below is a list of qualities that explain and distinguish an Oklahoma revocable trust (also known as a “revocable living trust”) and an Oklahoma irrevocable trust.

  • A revocable trust can be changed or modified by the people who make it.
  • An irrevocable trust cannot be changed or modified except in very limited circumstances
  • Property placed in a revocable trust remains under the control of the people who made the trust.
  • Property placed in an irrevocable trust is no longer considered belonging to the people who made the trust.
  • Property placed in a revocable trust remains part of the estate for tax purposes
  • Property placed in an irrevocable trust usually is no longer part of your estate.
  • Assets placed in a revocable trust are still subject to creditor’s claims
  • Assets placed in an irrevocable trust are no longer part of the estate of the person who made the trust so they are usually out of the reach of creditors.

Posted by Shawn Roberts

I write about and try to answer practical Oklahoma legal questions. I tend to focus on estate planning and business issues. I make a living as an attorney working for Resolution Legal Group in Oklahoma City. I am husband to Amy and the father of Sam and David. We live exactly in the path where the "wind comes sweeping down the plains."