What is an irrevocable trust?
An irrevocable trust is a type of trust that allows assets to be managed for the benefit of a designated beneficiary. In Washington, an irrevocable trust is often used to plan for disability. It typically involves transferring assets to the trust and having a trustee manage the assets on behalf of the beneficiary. Once assets are transferred to the trust, they cannot be revoked or changed without the permission of the beneficiary. This makes the trust irrevocable and ensures that the assets are used according to the wishes of the beneficiary. It also ensures that the assets will be available to the beneficiary in the event of their disability. This is an especially important tool for those with disabilities, as it provides financial security even if the beneficiary is unable to manage their own assets. An irrevocable trust can also be used for estate planning, to manage the distribution of assets after the death of the beneficiary.
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