What is an irrevocable trust?

An irrevocable trust is a type of legal document that is used in elder law in Washington. It is an arrangement in which a person (the grantor) transfers their assets to a trustee, who then holds and manages the assets for the benefit of a beneficiary. Unlike other legal documents, an irrevocable trust cannot be revoked or changed once it has been set up. This means that the grantor cannot reclaim any money, property, or other assets that have been put into the trust. Typically, an irrevocable trust is created in order to protect the grantor’s assets from creditors and from estate or inheritance taxes. It also allows the grantor to determine how their assets will be distributed to the beneficiary after their death. Irrevocable trusts can be complex to set up, so it is important to work with an attorney or financial advisor with experience in elder law in order to be sure that the trust is set up correctly.

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What is an irrevocable trust?

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