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

The irrevocable trust was essentially set in stone as the beneficiary had no intention of ever changing the terms of the agreement.

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My son has an irrevocable trust that was set up by his grandmother because she wants to make sure he is able to attend college in the future.

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Bob's grandmother setup an irrevocable trust because it was her desire to disperse some of her money and possessions to him, in order for her to see him enjoy them before she passed away.

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