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

On this blog, I write about and try to answer practical Oklahoma legal questions. My focus and most experience is in estate planning and business issues including Oklahoma non-compete law. I make a living as an attorney in the law firm I founded, Cazes Roberts, PLLC in Oklahoma City. I live in Edmond with wife Amy and my two children, Sam (17) and David (9). We live precisely in the path of where the "wind comes sweeping down the plains."