Quora Answer: What is the Difference between an Irrevocable & Revocable Trust?

The following is my answer to a Quora question: “What's the difference between a irrevocable and revocable trust?”

There is only one major difference between a revocable and irrevocable trust.  In a revocable trust, the settlor or grantor of the trust owns the assets directly, and may revoke it from the trust, and overrule the trustee, by exercising direct management control.  In an irrevocable trust, the trust is a distinct legal entity, and the assets under trust are not considered part of the assets of the settlor or grantor.  The settlor may not assume control of these assets under trust management unilaterally.  These assets have to be transferred out of the trust.