Irrevocable Trust
/ɪˈrɛvəkəbəl trʌst/
Definitions
- (n.) A trust that cannot be amended or revoked by the grantor once established.
The grantor transferred assets into an irrevocable trust to ensure they were protected from creditors.
Forms
- irrevocable trust
- irrevocable trusts
Related terms
See also
Commentary
Irrevocable trusts are often used in estate planning to protect assets and reduce tax liability since the grantor relinquishes control over the transferred property.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.