What is an irrevocable trust?

An irrevocable trust is a type of trust that, once established, cannot be changed or terminated without the permission of the beneficiaries. This means that the terms of the trust are set in stone, and cannot be altered by the person who created the trust (the grantor). In North Carolina, irrevocable trusts are often used in disability planning law. They are set up so that a person can ensure that their finances and assets will remain secure should they become incapacitated due to disability. An irrevocable trust allows the grantor to designate specific people to manage their assets in case of disability, while still protecting the assets from being seized by creditors or the government. The grantor may also be able to include provisions in the trust to ensure that their wishes for their assets and finances are honored and carried out. This can include making sure that beneficiaries receive their designated inheritance, or making sure that their medical and other desired expenses are covered. Overall, an irrevocable trust is a powerful tool for disability planning in North Carolina, as it allows individuals to plan for their future in the event that they become disabled and unable to manage their own affairs.

Related FAQs

Can I receive disability benefits if I am already receiving Social Security Income?
What can a Durable Power of Attorney do?
What is a pooled income trust?
What is the Social Security Blue Book?
What is a functional capacity evaluation (FCE)?
What is a health care proxy?
How does a disability lawyer help me?
What is a Durable Power of Attorney?
What documents do I need to apply for disability benefits?
What is a revocable trust?

What is an irrevocable trust?

Related FAQs

Related Blog Posts