What is an irrevocable trust used for?

An irrevocable trust is a type of trust often used in asset protection law in Washington. It is a legal arrangement that allows an individual to set aside assets, such as money, real estate, or other property, and protect them from creditors and lawsuits. The trust is designed so that the assets are not owned by the individual, but rather by the trust, which is then managed and distributed according to the terms of the trust. The individual can make changes to the trust, but it must be done in a very specific way in order to make the trust irrevocable. Essentially, an irrevocable trust is used to protect assets from creditors and lawsuits. It provides the individual with a financial shield, in that the assets are not counted as part of the individual’s estate and cannot be taken by creditors or lawsuits. The assets in the trust also cannot be used to pay off any debts or used to satisfy judgments against the individual. This means that assets are preserved for the benefit of the person for whom the trust was created, and not for the benefit of creditors or other claimants.

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What is an irrevocable trust used for?

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