irrevocable trust

Definition

A trust which cannot be changed or canceled once it is set up without the consent of the beneficiary.

Contributions cannot be taken out of the trust by the grantor. Irrevocable trusts offer tax advantages that revocable trusts don't, for example by enabling a person to give money and assets away even before he/she dies.

Opposite of revocable trust.

For more information see: 6 Types of Irrevocable Trust and their Benefits at InvestorGuide.com.

Use irrevocable trust in a sentence

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
revisionary trust exemption trust