Irrevocable Trusts

An irrevocable trust is an arrangement where the grantor places legal ownership of property under the administration of a trustee, who then administers it for the benefit of the trust’s beneficiaries. Unlike a revocable trust, the irrevocable trust cannot be modified, amended, or terminated without the permission of the grantor’s named beneficiaries. This form of a trust has many advantages, including taking advantage of the estate tax and preventing beneficiaries from misusing assets.