The 60-Second Answer
REVOCABLE LIVING TRUST
You keep full control. You can change it, add to it, remove from it, or dissolve it anytime. When you die, assets transfer to your beneficiaries without probate.
Think of it as: A lockbox YOU hold the key to. You control everything while alive. When you die, the person you chose gets the key.
- ✅ You keep control of your assets
- ✅ Avoids probate ($3,000-$15,000 saved)
- ✅ Can be changed or revoked anytime
- ✅ Protects against incapacity
- ✅ Keeps estate private
- ❌ Does NOT protect assets from creditors
- ❌ Does NOT reduce estate taxes
Cost: $159 online (Trust & Will) | $1,500-$3,000 attorney
IRREVOCABLE TRUST
You give up control permanently. Once assets go into the trust, they're no longer "yours" — they belong to the trust. You can't take them back or change the terms.
Think of it as: A lockbox you hand to someone else. They hold it for your beneficiaries. You can't open it. You can't get the contents back.
- ✅ Protects assets from creditors and lawsuits
- ✅ Can reduce estate taxes (estates over $13.61M)
- ✅ Can protect assets from Medicaid spend-down
- ✅ Stronger legal protection than revocable
- ❌ You LOSE control — can't change or revoke
- ❌ Assets are no longer yours
- ❌ Complex — almost always requires attorney
- ❌ Much more expensive to create
Cost: $2,500-$7,500+ attorney (not available online)
If you're reading this page to decide which type you need — you almost certainly need revocable. Irrevocable trusts are for specific, complex situations that you'd already know about.
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Most Families Need a Revocable Living Trust. Start Yours in 20 Minutes.
Trust & Will is our top pick for revocable living trusts. State-specific legal docs, attorney-designed, most people finish in one sitting. $159–$599 depending on complexity.
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Every Difference — One Table
| Feature | Revocable Trust | Irrevocable Trust |
|---|---|---|
| Can you change it? | ✅ Yes — anytime | ❌ No — permanent |
| Can you revoke it? | ✅ Yes | ❌ No |
| Who controls the assets? | You (you're the trustee) | The trust (or a separate trustee) |
| Are assets still "yours"? | Yes — for tax and legal purposes | No — they belong to the trust |
| Avoids probate? | ✅ Yes | ✅ Yes |
| Protects from creditors? | ❌ No — assets are still legally yours | ✅ Yes — assets aren't yours anymore |
| Reduces estate taxes? | ❌ No | ✅ Yes (estates over $13.61M) |
| Protects from Medicaid? | ❌ No | ✅ Yes (if 5+ years before need) |
| Privacy? | ✅ Yes — not public record | ✅ Yes — not public record |
| Incapacity protection? | ✅ Yes — successor trustee steps in | ✅ Yes — trustee manages |
| Cost to create | $159-$3,000 | $2,500-$7,500+ |
| Can create online? | ✅ Yes ($159) | ❌ No — requires attorney |
| Complexity | Moderate | High |
| Who needs it | Most homeowners | High net worth, Medicaid, asset protection |
Which Trust Is Right for You? (90-Second Quiz)
Answer 4 questions. Get a personalized recommendation.
1. What's your primary goal?
2. What's your estimated estate value?
3. Are you worried about Medicaid planning or long-term care costs?
4. How important is being able to change the trust later?
Answer all 4 questions to see your result.
Choose a Revocable Trust If...
- ✅ You own a home and want to avoid probate
- ✅ Your total assets are $100,000-$5,000,000
- ✅ You want to keep full control of everything while alive
- ✅ You want the flexibility to change beneficiaries, trustee, or terms anytime
- ✅ You want incapacity protection (successor trustee manages assets if you're incapacitated)
- ✅ You want privacy (avoid public probate records)
- ✅ You're over 60 and want to simplify things for your family
- ✅ Your primary goal is avoiding probate and making estate settlement easy
What a Revocable Trust Does for Your Family
- No probate court → saves $3,000-$15,000 in legal fees
- No 6-18 month wait → assets distributed in 1-3 months
- No public record → nobody sees what you owned or who inherited
- No court-appointed administrator → your chosen successor trustee handles everything
- Incapacity protection → if you develop dementia, your successor trustee manages your finances without court involvement
The Only Things a Revocable Trust Does NOT Protect Against
- Your own creditors (because the assets are still legally "yours")
- Estate tax (because the assets are still part of your taxable estate)
- Medicaid spend-down (because Medicaid considers them your assets)
For 95% of families, the 3 things a revocable trust DOESN'T do are irrelevant — because they don't have creditor problems, aren't over the $13.61M estate tax threshold, and aren't planning for Medicaid. The probate avoidance alone makes a revocable trust worth the $159. If you're ready to set one up, see our walkthrough on how to make a trust.
Affiliate link · Includes trust + will + POA + healthcare directive
Choose an Irrevocable Trust If...
⚠️ Your estate exceeds $13.61 million (2024 federal estate tax threshold)
An irrevocable trust can remove assets from your taxable estate, reducing or eliminating estate tax. Below this threshold, estate tax doesn't apply — and a revocable trust is sufficient.
⚠️ You're planning for Medicaid (nursing home) eligibility
Medicaid requires spending down nearly all assets before covering nursing home costs. Assets in an irrevocable trust are NOT counted as yours — IF the trust was created at least 5 years before applying for Medicaid (the "5-year lookback" rule). This is advanced planning that requires an elder law attorney.
⚠️ You're in a high-liability profession
Doctors, business owners, real estate investors, and others at high risk of lawsuits may use irrevocable trusts to protect assets from future creditors. Once assets are in an irrevocable trust, a lawsuit judgment against YOU cannot touch them.
⚠️ You want to control inheritance from beyond the grave
An irrevocable trust with a spendthrift provision prevents beneficiaries from blowing their inheritance. The trustee distributes funds according to rules you set — and the beneficiary can't access the principal. Useful for beneficiaries with addiction, financial irresponsibility, or special needs.
⚠️ You have a special needs beneficiary
A special needs trust (a type of irrevocable trust) provides for a disabled beneficiary without disqualifying them from government benefits (SSI, Medicaid). This requires an attorney who specializes in special needs planning.
If any of these apply → hire an estate planning attorney. Irrevocable trusts are complex legal instruments with permanent consequences. An online service cannot handle this. Budget $2,500-$7,500+. Before meeting with an attorney, work through our estate planning checklist so you arrive prepared.
The Simplest Way to Decide
"Do you want to KEEP CONTROL of your assets?"
→ YES
Revocable trust ($159 online)
→ NO
I need to REMOVE assets from my estate for tax/Medicaid/creditor protection → Irrevocable trust ($2,500+ attorney)
That's the entire decision. Control vs protection. Most people want control. Revocable gives you that.
What People Get Wrong About Both Types
"A revocable trust protects assets from creditors."
❌ Wrong.
Because you control the assets, creditors can still reach them. Only an irrevocable trust removes assets from your reach — and from creditors' reach.
"An irrevocable trust can never be changed."
⚠️ Mostly right — but some modifications are possible.
Trust decanting (moving assets to a new trust), court modification, and beneficiary consent can sometimes allow changes. But these are rare, expensive, and not guaranteed. Treat irrevocable as permanent.
"I need an irrevocable trust to avoid probate."
❌ Wrong.
A revocable trust avoids probate just as effectively. Probate avoidance is NOT a reason to choose irrevocable over revocable.
"Only rich people need trusts."
❌ Wrong.
Anyone who owns a home benefits from a revocable trust. A $200,000 house going through probate costs $4,000-$10,000 in fees. A $159 revocable trust eliminates that cost entirely.
"I should create an irrevocable trust for Medicaid planning right before I need nursing home care."
❌ Wrong.
Medicaid has a 5-year lookback period. Assets transferred to an irrevocable trust within 5 years of applying for Medicaid are STILL counted as yours. Medicaid planning must start AT LEAST 5 years before you need care. This requires an elder law attorney.
"A revocable trust becomes irrevocable when you die."
✅ Correct.
This is the one thing most people don't know. After you die, your revocable trust generally cannot be changed — it becomes effectively irrevocable. Your successor trustee must follow the terms you set.
Can You Have Both? Yes — And Some People Should
You can have a revocable trust AND an irrevocable trust at the same time. They serve different purposes.
Common combination:
- Revocable living trust → holds your home, bank accounts, investments (avoids probate, keeps control)
- Irrevocable life insurance trust (ILIT) → holds your life insurance policy (removes the death benefit from your taxable estate)
This combination is used by people with estates near the $13.61M threshold who want to remove the life insurance payout from estate tax calculations while keeping control of everything else. Unless your estate is worth $5M+, you don't need to think about this. A simple revocable trust handles everything.
Where to Get a Trust: Three Paths
Once you've decided which trust you need, there are three realistic ways to create one.
Trust & Will
Online legal platform
Best for: Revocable living trusts, estates under $13.6M, most families
Price: $159 (basic trust) to $599 (full estate plan)
Why it's our pick: Attorney-designed documents, state-specific for all 50 states, mobile-friendly. Most people complete the trust in one sitting.
Limitations: Doesn't create irrevocable trusts. No live attorney consultation in the basic tier (available at $199+).
Start at Trust & WillFree to start · 30-day money-back guarantee
LegalZoom
Online legal platform
Best for: Users who want optional attorney add-ons or bundled services
Price: $249 (revocable trust) + optional attorney consult $49/mo
Why it's listed: Larger brand, more document types, bundled business services available.
Limitations: More expensive for straightforward trusts. Upsells during checkout.
Visit LegalZoom →Local Estate Attorney
Traditional legal services
Best for: Irrevocable trusts, estates over $13.6M, blended families, special needs beneficiaries, business owners
Price: $1,500–$5,000 typical (more for complex situations)
Why they're worth it: Custom drafting, local state law expertise, ongoing relationship for amendments. Required for irrevocable trusts.
Limitations: Slow (4–12 weeks typical), expensive, quality varies widely.
See our guide on how to find a probate lawyer →Information on this page reviewed against current guidance from:
- · American College of Trust and Estate Counsel (ACTEC)
- · Internal Revenue Service — Publication 559 (Survivors, Executors, and Administrators)
- · Consumer Financial Protection Bureau — Estate Planning Resources
- · 2026 federal estate and gift tax exemption: $13.61 million per individual (IRS)
- · State-specific trust law varies — consult a licensed attorney for irrevocable trusts
Frequently Asked Questions
95% of People Need a Revocable Trust. Create Yours in 30 Minutes.
Avoid probate. Keep control. Protect your family. $159. Includes: revocable living trust + pour-over will + POA + healthcare directive.
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