Only living trusts can be further divided into irrevocable and revocable living trusts. A revocable living trust is one that can be modified, terminated or revoked at any time and for any reason by the Settlor. An irrevocable living trust, on the other hand, is one that cannot be modified, terminated, or revoked by the Settlor for any reason once it has been activated. A testamentary trust is always revocable because it is activated by a provision in the Settlor’s Will and the Will can always be changed up to the point of the death of the Testator. An irrevocable trust has the advantage of placing assets outside of the reach of creditors or other threats to the assets because once the assets are transferred into the trust they become trust assets.