Wills & Trusts

Irrevocable Trust

A trust that generally cannot be changed or revoked once established, because you have given up control of the assets placed in it.

Giving up control is precisely what an irrevocable trust trades for. Because the assets are no longer yours in the same sense, this structure can offer protections a revocable trust cannot.

It is a serious, generally permanent step, and the right structure is highly situation-specific. This is firmly attorney territory.

Related Terms

Revocable Trust

A trust you can change, amend, or cancel at any time while you are alive and competent.

Living Trust

A legal arrangement you create during your lifetime to hold your assets, so they can pass to your beneficiaries without going through probate.

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