irrevocable trust
Unchangeable asset arrangement
An irrevocable trust is a legal arrangement where assets are transferred permanently—the person who creates it cannot later modify or dissolve it without the beneficiaries' consent.
This distinguishes it from a revocable trust, which the creator can alter or cancel at will.
Irrevocable trusts are used for estate planning, asset protection, and tax benefits: She placed the property in an irrevocable trust to shield it from creditors.
- trusteeOne managing another's assets
- fiduciary dutyObligation to act loyally
- grantorOne who transfers rights
- beneficiaryDesignated asset receiver
- estate executorOne who administers inheritances
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