Revocable Living Trusts are most commonly used. Revocable Trusts are easy to change. Irrevocable Trusts cannot be changed after they are signed. Most often Revocable Trusts turn into Irrevocable Trusts after the trust maker dies. Irrevocable Trusts are frequently only used by those wealthy enough to fund the trust without possibly needing the assets later. The advantage to Irrevocable Trusts is that the assets in the trust are no longer considered part of your personal assets, so the funds are protected.