Irrevocable Trust

An irrevocable trust is a legal arrangement where assets are transferred into a trust and the creator relinquishes control over them. Once established, the terms cannot be changed or revoked without the consent of the beneficiaries. This type of trust is often used for estate planning, asset protection, or tax benefits, as it removes assets from the creator's estate, potentially lowering estate taxes. Beneficiaries receive benefits as stipulated in the trust, but the creator cannot modify the trust or regain ownership of the assets it holds.