Pros and Cons of an Irrevocable Trust

Authored by , LegalMatch Law Library Managing Editor and Attorney at Law

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What is an “Irrevocable Trust”?

Irrevocable trusts are a type of trust that can’t be modified, changed, or terminated without the consent of the beneficiary. Thus, once a person has transferred their assets into an irrevocable trust, they no longer have any ownership rights over the assets.  In most jurisidictions, every trust is considered to be irrevocable, unless the person states otherwise in the trust document.

What are Some Pros and Cons of Irrevocable Trusts?

Irrevocable trusts are associated with many different pros and cons. Some advantages of irrevocable trusts include:

Some cons of irrevocable trusts may include:

Thus, when choosing the type of form you’d like to work with, you should weigh the pros and cons of irrevocable trusts, especially in comparison with revocable trusts.

Do I Need a Lawyer for Help With an Irrevocable Trust?

Irrevocable trusts have their advantages and their disadvantages. Also, every jurisdiction may have different rules when it comes to the types of trusts that are allowed.  As such, you may need to hire a trusts lawyer when it comes to drafting, reviewing, or editing an irrevocable trust.  Your attorney can also represent in you in court during a lawsuit if this becomes necessary.

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Last Modified: 08-09-2013 02:26 PM PDT

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