What is an irrevocable trust?

An irrevocable trust is a legal agreement in which a person, known as the grantor, transfers ownership of their assets to another person or organization, known as the trustee. In Delaware, an irrevocable trust is an arrangement in which the grantor cannot make changes to or revoke the trust. The assets of the trust are then used to provide financial protection and benefits to the beneficiaries listed in the trust agreement. An irrevocable trust can be used to protect assets from creditors, reduce estate taxes, and maintain control of assets while avoiding probate. It can help individuals manage and protect their assets to benefit their family and charity after death. It can also be used to benefit an individual or their family, such as providing an income stream for a disabled family member or providing additional funds for education. Under Delaware law, a trust must be created by a direct written act of the grantor or must be established by a court. The trust must be created for a specific purpose, and the grantor must fully describe the trust in the written document. The trust must also be managed by a qualified trustee who will be responsible for administering and managing the trust according to the terms of the trust agreement. The trustee must follow the rules and regulations of the trust, and they must act in the best interests of the beneficiaries.

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What is an irrevocable trust?

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