What is an irrevocable trust?

An irrevocable trust is a type of trust that cannot be revoked, changed, or modified once it is set up. This means that the assets put into the trust can no longer be taken out. Instead, they are held in trust and managed according to the terms of the trust agreement. In Tennessee, an irrevocable trust can be useful for a variety of reasons, from protecting assets from creditors to reducing estate taxes. It can also help avoid probate by allowing the transfer of assets to beneficiaries without going through the court system. The trust document is managed by a trustee who is responsible for making sure the trust’s terms are followed and that the assets are managed responsibly. The assets in an irrevocable trust are not owned by the creator of the trust; instead, the beneficiaries are given the right to use them during their lifetime. After the beneficiaries’ death, the assets are distributed to other named beneficiaries. Irrevocable trusts are a great way to provide for the future of your loved ones while also reducing the amount of taxes owed.

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What is an irrevocable trust?

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