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Featured legal information article. -- Trusts May Not Protect Your Assets From Creditors. If you are setting up a trust in order to protect your assets from creditors or other unforeseeable situations which may arise as you age you must look at both types of trust closely to determine which is best for your circumstance. There are two types of living trusts, revocable and irrevocable. The difference being that the revocable trust can be changed or modified, giving the creator the flexibility of continued control over the assets during his lifetime. The other type of trust is an irrevocable trust. Once an irrevocable trust is established it cannot be changed. The creator will have no access or control over the assets any further through their lifetime once it is placed in the irrevocable trust. See Trusts May Not Protect Your Assets From Creditors for the complete article.
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