What is an Irrevocable Trust?
An irrevocable trust is a permanent legal arrangement created to manage assets for the benefit of beneficiaries. Unlike revocable trusts, once established, the terms cannot be modified, amended, or terminated, save for limited and rare circumstances. The grantor gives up any control over their assets. Irrevocable trusts are controlled, overseen, and dictated by a designated trustee sworn to protect what is owed to beneficiaries according to the trust’s rules and requirements.