Irrevocable Trust

Irrevocable Trust

Planning Ahead for their Future

An Irrevocable Trust is a permanent, legal document designed to ensure property and assets are held in a secure trust for its intended beneficiaries. Just as the name implies, this type of trust cannot be revoked, modified, or altered once it is established. An Irrevocable Trust is typically set up by the grantor, parent or legal guardian and possess business or individual assets.  It is intended to provide for children or relatives who are minors, those who are not fiscally responsible, or individuals with special needs.  A trusted third-party, or a trustee, is assigned to help oversee the trust and its property.

It’s important to note, with an Irrevocable Trust, the grantor transfers all ownership of the property and assets to the trust for the specified beneficiary. 

Why are Irrevocable Trusts established? Often, this type of trust is utilized to help minimize estate tax liabilities, while transferring ownership from the grantor to the beneficiary. 

irrevocable trust image

Reasons to Set Up a Trust

  • Provide for minor children or family members who are inexperienced or unable to handle financial matters.
  • Provide for management of personal assets.
  • Avoid probate to transfer assets to beneficiaries upon death.
  • Reduce estate taxes.

Get Started / Questions?

To learn more about Wealth Planning and other ways we can assist you, contact the Wealth Management Advisor in your area.   

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