What is an irrivocable trust?

Answer 1

Revocable TrustsA revocable trust is one where usually, grantor/trustee/beneficiary are the same person.

It can be revoked or amended any time until the person's death.

Upon death the trust property bypasses probate and assets are distributed to the heirs.

ClarificationA trust is a right to hold property for the benefit of another. A trustor (grantor, settlor) creates the trust, places the trust property (land, money, stocks, etc.) in the trust and names both the trustee who will hold power over the trust property and the beneficiaries. A revocable trust can be amended or revoked by the trustor at any time during her life.

Be careful with that first statement in the first answer. It is not the definition of a revocable trust. In fact, it is a common trust error. In many states where the grantor, trustee and beneficiary are the same person there is no trust created and the property remains in the grantor's estate. That error can cause serious consequences down the road.

Answer 2

A trust that cannot be revoked or amended by the party who establishes it. This type of trust is often established when life insurance is purchased to protect an estate. However, it is generally used in estate planning to remove property from the estate of the grantor/trustor.

Answer 3

An irrevocable trust is a trust agreement than cannot be changed without the permission of the beneficiary. The grantor of the trust transfers all rights of the property transferred to the beneficiary.

Answer 4

The trustee is the person named in the trust document who manages the trust. The trustee is in charge of all actions of the trust, is empowered to carry out all the provisions of the trust, holds title to all the trust property and the trustee can be served if the trust is sued.

The trustee is the person named in the trust document who manages the trust. The trustee is in charge of all actions of the trust, is empowered to carry out all the provisions of the trust, holds title to all the trust property and the trustee can be served if the trust is sued.

The trustee is the person named in the trust document who manages the trust. The trustee is in charge of all actions of the trust, is empowered to carry out all the provisions of the trust, holds title to all the trust property and the trustee can be served if the trust is sued.

The trustee is the person named in the trust document who manages the trust. The trustee is in charge of all actions of the trust, is empowered to carry out all the provisions of the trust, holds title to all the trust property and the trustee can be served if the trust is sued.

Answer 5

The trustee is the person named in the trust document who manages the trust. The trustee is in charge of all actions of the trust, is empowered to carry out all the provisions of the trust, holds title to all the trust property and the trustee can be served if the trust is sued.