A trust that cannot be changed or cancelled after it is made. If a living trust (called an inter vivos trust) is irrevocable, that means the person who owned the property in trust has no more rights to that property. Any trust that is made by a Will is irrevocable. See Testamentary Trust. Compare with Revocable Trust.
trust that is not amendable or revocable by the grantor. Can be created during a grantor's lifetime, often called an " inter vivos" trust, or upon a grantor's death, often called a "testamentary" trust. Some common types of irrevocable inter vivos trusts include life insurance trusts, gift trusts, generation skipping trusts, qualified personal residence trusts ("QPRT"), grantor retained annuity trusts ("GRAT"), intentionally defective grantor trusts, charitable remainder annuity trusts and charitable remainder unitrust trusts (" CRAT") and " CRUT"), charitable lead annuity trusts and charitable lead unitrust trusts (" CLAT" and " CLUT"). Some common types of testamentary trusts include, unified credit exemption trusts, marital trusts, generation skipping trusts, testamentary charitable remainder trusts and charitable lead trusts.
The grantor may choose not to retain certain rights and powers to ensure that the trust income is not taxable to the grantor, and that the property may be removed from the grantor's taxable estate. Transfers to irrevocable trusts will still be considered gifts of future interest, and so will not qualify for the annual gift tax exclusion unless special provisions are made.
A trust which by its terms (1) cannot be revoked by the grantor or (2) can be terminated by him only with the consent of someone who has an adverse interest in the trust. oint Tenancy: The holding of property by two or more persons in such a manner that upon the death of one joint owner, the survivor or survivors take the entire property. ast Will and Testament: A legal document in which a person makes a disposition of his real and personal property, to take effect after his death, and which is revocable by the person during his lifetime; the person creating the will is known as a testator.
a trust over that you have no power to amend or revoke. Irrevocable trusts have the disadvantage that they require you not retain control, but they can provide significant tax benefits. The more common irrevocable trusts are "Irrevocable Life Insurance Trusts" and "Charitable Remainder Trusts." Compare to "Revocable Trust."
you do not retain the right to amend or revoke your trust. Irrevocable trusts require that you not retain control, but provide significant tax benefits. The more common irrevocable trusts are "Irrevocable Life Insurance Trusts" and "Charitable Remainder Trusts."
A trust which by its terms (1) cannot be revoked by the settlor or (2) can be terminated by him only with the consent of someone who has an adverse interest in the trust-that is, someone to whose interest it would be for the trust not to be terminated, such as a beneficiary; to be distinguished from a revocable trust with consent or approval.
Once established and funded, the trustor can no longer revoke the Trust and remove the assets. The assets are managed by the trustee and benefits will be enjoyed by the beneficiaries designated by the terms of the trust.
A trust that cannot be revoked, modified or amended once it has been established. Irrevocable trusts are often used in tax planning to get property "out" of a person's estate so that it will not be subject to estate tax upon his or her death.
A trust that cannot be amended or revoked by its grantor(s). Like corporations, these are separate tax entities. Irrevocable trusts are often used in estate planning to place assets outside of someone's estate. One of the most common types of irrevocable trust is the irrevocable life-insurance trust (ILIT), which is intended primarily to prevent insurance death benefits from being included in your taxable estate.