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An irrevocable trust is an agreement allowing property to be held by one party for the benefit of another, stipulating that that it cannot be readily revoked, altered, or amended. It is commonly used for asset protection and estate planning. A trust is a legal tool that consists of a Settlor who has the trust created, a Trustee who manages the trust and one or more Beneficiaries who receive the benefits of the trust. You will also hear a Settlor also referred to as a Grantor or Trustor. Then next question we answer is about revocable vs. irrevocable trusts, and how they compare.
I have been in the asset protection business for over 25 years, we have over 40,000 clients, and we have established literally thousands of trusts and companies.
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