What is an Irrevocable Trust?
Unlike a revocable trust, an irrevocable trust cannot be changed by the creator (grantor) who establishes the trust. Most irrevocable trusts allow the grantor to still choose and modify a trustee, and the names the beneficiary or beneficiaries.
Irrevocable trusts can be used to remove assets from your estate (to avoid estate tax after death) and they can be used to set up protections for beneficiaries, protect business interests, and keep assets private.
The irrevocable trust document names a trustee who is responsible for managing the assets within the irrevocable trust. This trustee acts in the best interests of the beneficiary or beneficiaries and carries out the wishes of the trust creator.
There are many different types of irrevocable trusts. Due to the variety of irrevocable trusts a discussion with us can help you decide what makes the most sense in your situation.