Irrevocable trusts can’t be easily changed. Often, trusts that are set up for asset protection require the approval of a third party. In contrast, the settlor can change a revocable trust at any time. There are several reasons why individuals choose irrevocable trusts over revocable trusts. It’s important that you meet with an estate planning lawyer to discuss the pros and cons of irrevocable trusts as well as the various types of irrevocable trusts.