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.
Related FAQs
What is a supplemental security income (SSI) trust?What is a special needs trust?
What is a special needs trust?
What are reasonable accommodations for a disability?
How often do I have to re-apply for disability benefits?
What are the benefits of a living will?
What is a HIPP program?
What is the difference between a revocable living trust and a special needs trust?
What is a health care surrogate?
Who should I name as the trustee of my Special Needs Trust?
Related Blog Posts
Explaining the Basics of Disability Planning Law - July 31, 2023Preparing a Comprehensive Estate Plan with Disability Planning Law in Mind - August 7, 2023
Creating an Estate Plan to Provide Financial Security for Individuals with Disabilities - August 14, 2023
Important Considerations When Drafting a Disability Planning Document - August 21, 2023
The Advantages of Working with a Disability Planning Lawyer - August 28, 2023