What is an irrevocable trust?

An irrevocable trust is a legal arrangement in which a person or entity, known as the trustor or settlor, gives property to another person or entity, the trustee, to manage for the benefit of a third person or entity, known as the beneficiary. In an irrevocable trust, the settlor permanently transfers the property to the trustee and cannot take the property back or amend the terms of the trust. In Oregon, irrevocable trusts are regulated by the state’s Elder Law statutes, which provide rules for creating and administering them. To create an irrevocable trust in Oregon, the settlor must sign a written instrument that includes language that shows the trust is irrevocable. The trust also typically includes detailed information about the trustee, the beneficiary, and the property that is being placed in the trust. Once created, the irrevocable trust cannot be amended or revoked without the agreement of all the parties involved, including the beneficiary. This is an important protection for the beneficiary, who can trust that the trust will remain intact and the property will remain in their control.

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What is an irrevocable trust?

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