What is the difference between a revocable and irrevocable trust, and which needs do they serve?

The ability to change your mind is at the heart of the difference between revocable and irrevocable trusts. Revocable trusts take their name from the trustee’s ability to “revoke” (which necessarily includes to change) provisions of the trust agreement after signing it. These changes could include adding or removing beneficiaries of the trust by amendment…