What is an irrevocable trust?

An irrevocable trust is a type of trust where the terms of the trust cannot be changed, modified, or terminated, even by the trust creator. This type of trust is often used to help individuals manage their assets and provide for their beneficiaries in the future. In Indiana, an irrevocable trust is established by a trust document, which is a legal document containing instructions on how the trust is to be managed and administered. This document is typically prepared by an attorney and contains the trust creator’s wishes in regards to the assets of the trust. It sets out who will be the beneficiaries of the trust (such as family members or charities), who will act as the trustee (the person responsible for managing the trust assets), and what conditions must be met in order for the trust to continue. Since the trust creator is not able to make any changes to the trust, this type of trust is often used to protect the assets for future generations or to ensure that certain beneficiaries receive the assets after the trust creator’s death.

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What is an irrevocable trust?

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