What is an irrevocable trust?

An irrevocable trust is a legal arrangement set up in Washington state under estate planning law that creates a fiduciary relationship between a grantor (the person creating the trust) and a beneficiary (the person receiving the benefit of the trust). Once an irrevocable trust is created, it cannot be modified or dissolved without the consent of all involved parties. The grantor transfers ownership of their assets to the trust, which are then managed by a trustee. The trustee is responsible for making sure the trust is upheld, and for ensuring that all trust assets are managed in accordance with the wishes of the grantor. The primary benefit of an irrevocable trust is that the assets placed in the trust are sheltered from creditors, taxation, and other legal claims. The grantor of an irrevocable trust is the only person who can make changes to the trust, and even then these changes must be approved by all of the parties involved with the trust. For example, an irrevocable trust may specify that the funds must be used to provide a particular beneficiary with a certain monthly income, but the grantor can make changes to that arrangement as long as all parties involved agree. The irrevocable trust is a powerful estate planning tool and can provide families with asset protection, tax savings, and security for generations to come. It is important, however, to seek the advice of an experienced estate planning lawyer in Washington in order to ensure that the irrevocable trust will meet the needs of the grantor and beneficiaries.

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What is an irrevocable trust?

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