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What is irrevocable trust?

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An irrevocable trust means a trust in which the terms cannot be changed, modified, amended, or terminated without taking the permission of the grantor’s beneficiary or beneficiaries. In this situation, the grantor transfers all the assets that are owned and thus legally removes the rights of the ownership to the assets and the trusts. This is what is irrevocable trust means.

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Irrevocable trusts are required for minimising estate taxes, getting government benefits, and protecting assets. Irrevocable trusts are completely opposite to revocable trusts. In a revocable trust, the grantor can modify the trust but they lose some advantages such as creditor protection. Now that we know what does irrevocable trust mean, let us learn about the types of irrevocable trusts.

Types of irrevocable trust:

Irrevocable trusts are of two types: living trusts and testamentary trusts.

  Living trusts :

An irrevocable living trust means trust between the living meaning a trust originated and funded by an individual for a lifetime. Examples of irrevocable trust are:

 

  • Irrevocable life insurance trust

  • Grantor-retained annuity trust (GRAT)

  •  Qualified personal residence trust (QPRT)

  • Charitable remainder trust

  •  Charitable lead trust

  Testamentary Trusts:

Testamentary trusts are created after the death of the creator and the funds come from the estate as per the terms and conditions are written on the Will. The testamentary trusts can only be changed before the death of the creator.

 

I hope you know the meaning of irrevocable trust now.

 

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