Definition of Irrevocable Trust?

Answer An irrevocable trust is a legal arrangement that, once created, cannot be terminated or otherwise altered by the creator. Those with specific questions about trusts should contact an attorney.

Top Q&A For: Definition of Irrevocable Trust

LLC Vs. Irrevocable Trust?

In the area of estate planning, you can use a number of tools to help protect your assets and property. Some people put their assets into the ownership of a limited-liability company, or LLC, while... Read More »

What is irrevocable trust?

An irrevocable trust is a legal method for owning property. An irrevocable trust, unlike a revocable trust, can only be terminated with the consent of the trustee and the beneficiaries.BasicsA trus... Read More »

Irrevocable Trust & Divorce?

An irrevocable trust shields assets from estate and gift taxes as well as seizure by a grantor's creditors and, it allows beneficiaries to avoid the time and costs involved in probating a will. A d... Read More »

Is an irrevocable trust a contract?

Trusts are a type of legal contract that indicate how property is to be handled or cared for. An irrevocable trust cannot be canceled or modified without the permission of all parties involved.Sour... Read More »