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An irrevocable trust is a trust that cannot be modified or terminated by the grantor, according to WebFinance. There are two types of irrevocable trusts: the living irrevocable trust and the testamentary trust. More »

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A living revocable trust involves a transfer of ownership of property into a trust. This is done over the course of a person's lifetime, and is often done to ensure that beneficiaries are not given their inheritance in o... More »

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The disadvantages of a revocable living trust include the expense of setting up the trust, the difficulty in transferring assets into the trust, and the fact that a will is still needed to supplement it, states About.com... More »

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The special needs trust form includes names and addresses of the grantor and trustee, the trust property, and name of the beneficiary, states US Legal. The form also establishes the powers of the trustee. More »

www.reference.com Business & Finance Financial Planning

An irrevocable living trust is a trust set up during the lifetime of the grantor that cannot be changed once it is set up, reports Nolo. Irrevocable living trusts are commonly set up to reduce or eliminate taxes or prote... More »

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To establish a trust, a grantor decides the terms, works with a trustee to establish the trust and transfers assets. A trustee may be an attorney, bank or other entity, states Investopedia. The transfer of assets is irre... More »

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There are a few ways that someone can change an irrevocable trust; the easiest way is when the beneficiaries and the grantor of the trust agree to the changes. The grantor must be alive at the time of modification. This ... More »

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