A trust is an estate planning tool that a person sets up during their lifetime, which allows them a way to distribute their assets upon their death, while maintaining privacy for themselves and their heirs. A trust can avoid probate court and have tax advantages. There are several different kinds of trusts, but they fall into two main categories: revocable and irrevocable.
A revocable trust may typically be revoked, amended or altered at any time while the Settlor (the person making the trust) is living and of sound mind.
An irrevocable trust cannot be modified after it is created, absent extraordinary circumstances and most notably without the consent of the beneficiaries.