What is an irrevocable trust?

An irrevocable trust is a type of trust that cannot be changed or revoked once it is created in California. It is essentially a legal document that details how a person’s assets are to be managed and distributed after they have passed away. The trust itself is a contract between the person who created it (the “grantor” or “settlor”) and the person who will be in charge of managing the trust (the “trustee”). The trust can specify any number of conditions and rules, such as how much of the estate is to be distributed and when, and to whom. The trust can also include certain tax benefits, such as avoiding probate or reducing estate taxes. An irrevocable trust is generally used to minimize estate taxes and to protect assets from creditors. It can also be used to transfer assets to a beneficiary without the need for probate court proceedings.

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What is an irrevocable trust?

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