A Revocable Living Trust allows the terms of the trust to be changed at any time, while an Irrevocable Living Trust, generally, cannot be modified after creation. The owner of a Revocable Living Trust can remove beneficiaries, designate new beneficiaries, and modify how assets within the trust are managed. A Revocable Living Trust is flexible, and a good choice for many. Irrevocable Living Trusts do have advantages that Revocable Living Trusts do not for advanced estate tax planning and asset protection.